CINXE.COM

<!DOCTYPE html> <html lang="hu"> <head> <meta charset="utf-8"> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Regular.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-SemiBold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Bold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/ecb-iconset/ECB-icon-set.woff2" as="font" crossorigin> <link rel="icon" href="/fav.ico" sizes="16x16"> <link rel="icon" href="/favicon-16.png" sizes="16x16"> <link rel="icon" href="/favicon-32.png" sizes="32x32"> <link rel="icon" href="/favicon-64.png" sizes="64x64"> <link rel="icon" href="/favicon-128.png" sizes="128x128"> <link rel="icon" href="/favicon-192.png" sizes="192x192"> <link rel="icon" href="/favicon-256.png" sizes="256x256"> <link rel="shortcut icon" href="/favicon-196.png" sizes="196x196"> <link rel="apple-touch-icon" href="/favicon-152.png" sizes="152x152"> <link rel="apple-touch-icon" href="/favicon-180.png" sizes="180x180"> <title>The ECB Blog</title> <meta property="article:published_time" content="2022-07-21"> <link rel="canonical" href="https://www.ecb.europa.eu/press/blog/html/index.hu.html"> <meta name="author" content="European Central Bank"> <meta name="description" content="Az Európai Központi Bank (EKB) azon uniós tagországoknak a központi bankja, amelyek átvették az eurót. Legfontosabb feladata az euroövezetbeli árstabilitás fenntartása és ezáltal az egységes pénznem vásárlóerejének megőrzése."> <meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"> <script> var ECB = {}; ECB.currentLanguage = 'hu'; ECB.isoLocalLanguageName = 'Magyar'; ECB.isLive = true; ECB.version = '2961558'; ECB.navigationVersion = '1736328092'; ECB.clientTimeError = 1739836844 - (new Date().getTime()); ECB.availableLanguages = [{"bg": "Български"},{"cs": "Čeština"},{"da": "Dansk"},{"de": "Deutsch"},{"el": "Eλληνικά"},{"en": "English"},{"es": "Español"},{"et": "Eesti keel"},{"fi": "Suomi"},{"fr": "Français"},{"ga": "Gaeilge"},{"hr": "Hrvatski"},{"hu": "Magyar"},{"it": "Italiano"},{"lt": "Lietuvių"},{"lv": "Latviešu"},{"mt": "Malti"},{"nl": "Nederlands"},{"pl": "Polski"},{"pt": "Português"},{"ro": "Română"},{"sk": "Slovenčina"},{"sl": "Slovenščina"},{"sv": "Svenska"}]; </script> <link rel="stylesheet" href="/shared/dist/css/main-ecb.min.css?2961558" media="all"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@ecb"> <meta name="explainerDate" content="1970. január 1."> <meta property="og:type" content="article"> <meta property="og:type" content="website"> <meta property="og:title" content="The ECB Blog"> <meta property="og:url" content="https://www.ecb.europa.eu/press/blog/html/index.hu.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/press/blog/html?d41d8cd98f00b204e9800998ecf8427e"> <meta property="og:image" content="https://www.ecb.europa.eu/press/blog/html?d41d8cd98f00b204e9800998ecf8427e" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:site_name" content="European Central Bank"> <noscript> <style> .accordion .content-box { display: block; } </style> </noscript> <script type="text/javascript"> /*! ecb - v2.0.0 - European Central Bank */ var ECB=window.ECB||{};ECB.fast=ECB.fast||{},ECB.slow=ECB.slow||{},ECB.supports=ECB.supports||{},ECB.fast.annexSwap=function(){var t,e,n=document.querySelector(".section-press .address-box + .definition-list");n&&(t=(e=(t=(e=(t=n.previousElementSibling).previousElementSibling)&&e.classList.contains("related-topics")?e:t).previousElementSibling)&&e.classList.contains("footnotes")?e:t).parentNode.insertBefore(n,t)},ECB.fast.attribution=function(n){var t=n.style.backgroundImage||n.src;t=(t=t.replace('url("',"")).replace('")',""),n.src&&(n=n.closest("picture"));t&&!function(t){t=t.replace('url("',"");var e=document.location.protocol+"//"+document.location.hostname;return(-1!==t.indexOf("http")||-1!==t.indexOf('url("//'))&&!t.startsWith(e)}(t)&&ECB.fast.exif.getArtist(t,function(t){var e;0<t.length&&!n.classList.contains("-attribution")&&(n.classList.add("-attribution"),n.insertAdjacentHTML("beforeend",'<span class="attribution"><span class="attribution-details">'+(t.startsWith("©")?"":"© ")+t+'</span> <button aria-label="Photographer"></button></span>'),(e=n.querySelector(".attribution button")).addEventListener("click",function(t){return e.parentElement.classList.toggle("-active"),t.preventDefault(),t.stopPropagation(),!1}))})},ECB.fast.authorMove=function(){let t=document.getElementById("side-authors");var e;t&&(e=Array.from(document.querySelectorAll("aside > *")).reduce(function(t,e){return t+e.clientHeight},0),t.style.marginTop=Math.max(110,e)+50+"px")},ECB.fast.connector=function(t){function e(t){t.classList.contains("-gradient-upper")&&(i="-gradient-upper"),t.classList.contains("-dark-grey")&&(o="-dark-grey"),t.classList.contains("-light-grey-blue")&&(i="-transparent-light-grey",o="-transparent-blue");var e="<div class='upper-connection "+i+"'></div> <div class='lower-connection "+o+"'></div>";t.insertAdjacentHTML("afterend",e)}function a(t,e){return t.classList.contains(e)}function n(t,e){for(var n=0;n<e.length;n++)if(a(t,e[n]))return 1}var r=(t=t||document).querySelectorAll(".connector"),i="-transparent-blue",o="-light-blue";if(0<r.length)e(r[r.length-1]);else{var s=Array.from(t.querySelectorAll(".contact-box, .see-also-boxes, .carousel, .promo-box, .contact-box, .explainer-box"));if(s.length){var l=s[0],c=l.previousElementSibling;if(c&&"DIV"==c.tagName&&!a(c,"title")){for(var u=l.nextElementSibling,g=!1;null!=u;)a(u,"in-this-section")||"SCRIPT"==u.tagName||"STYLE"==u.tagName||(-1==s.indexOf(u)?g=!0:g&&(c=(l=u).previousElementSibling,g=!1)),u=u.nextElementSibling;g||(c.classList.add("connector"),n(c,["section","intro","boxes","accordion","definition-list","tags"])&&c.classList.add("-gradient-upper"),n(c,["jumbo-box"])&&a(c,"-dark-blue")&&c.classList.add("-light-grey-blue"),a(l,".carousel")||c.classList.add("-dark-grey"),e(c))}}}},ECB.fast.exif=function(){function i(t,e,n){return function(t,e,n){var a,r,i,o="";for(n=e+n;e<n;)switch((a=t.getUint8(e++))>>4){case 0:case 1:case 2:case 3:case 4:case 5:case 6:case 7:o+=String.fromCharCode(a);break;case 12:case 13:r=t.getUint8(e++),o+=String.fromCharCode((31&a)<<6|63&r);break;case 14:r=t.getUint8(e++),i=t.getUint8(e++),o+=String.fromCharCode((15&a)<<12|(63&r)<<6|(63&i)<<0)}return o}(t,e,n)}function o(t,e,n){if("exif"!=i(t,e,4).toLowerCase())return!1;var a,e=e+(n?8:6);if(18761==t.getUint16(e))a=!1;else{if(19789!=t.getUint16(e))return!1;a=!0}return 42==t.getUint16(e+2,!a)&&(!((n=t.getUint32(e+4,!a))<8)&&function(t,e,n,a){for(var r,i=t.getUint16(n,!a),o=0;o<i;o++)if(315===t.getUint16(r=n+12*o+2,!a))return s(t,r,e,a);return""}(t,e,e+n,a))}var s=function(t,e,n,a){var r=t.getUint32(e+4,!a),n=t.getUint32(e+8,!a)+n;return i(t,4<r?n:e+8,r-1)};return{getArtist:function(t,e){function n(t){t=function(t){var e=new DataView(t),n=!1;if(1380533830==e.getUint32(0)&&1464156752==e.getUint32(8)&&1448097880==e.getUint32(12)){if(!(e.getUint8(20)&8))return!1;n=!0}else if(255!=e.getUint8(0)||216!=e.getUint8(1))return!1;var a=2,r=t.byteLength;if(n)for(a=16;a<r;){if(a+=e.getUint32(a,!0)+4,"EXIF"==i(e,a,4))return o(e,a,!0,e.getUint32(a,!0));a+=4}else for(;a<r;){if(255!=e.getUint8(a))return!1;if(225==e.getUint8(a+1))return o(e,a+4,!1,e.getUint16(a+2));a+=2+e.getUint16(a+2)}}(t);e.call(window,t||"")}var a=new XMLHttpRequest;a.onload=function(){200!=this.status&&0!==this.status||n(a.response),a=null},a.open("GET",t,!0),a.responseType="arraybuffer",a.send(null)}}}(),ECB.fast.isLoading=function(){for(var t=document.querySelectorAll(".-is-loading"),e=0;e<t.length;e++)t[e].insertAdjacentHTML("afterbegin","<div class='is-busy'> Loading ... </div>")},ECB.fast.langLinks=function(){if(ECB.fast.isEuLanguage=!!document.querySelector("#language-values a[lang="+ECB.currentLanguage+"]:not([specialLang])"),ECB.fast.isEuLanguage&&"en"!=ECB.currentLanguage)for(var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/,e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&-1===a.getAttribute("href").indexOf(":")&&function(t){let e=t.getAttribute("href").match(n);return!!(e&&0<e.length)&&"en"==e[0].substr(1,2)}(a)&&a.setAttribute("href",a.getAttribute("href").replace(n,"."+ECB.currentLanguage+"$1"))}},ECB.fast.langSwitch=function(){var e,n;ECB.isLive&&(e=localStorage.getItem("lastLanguage"),(n=function(t){if(t&&ECB.currentLanguage!=t){t=document.querySelector("#language-values>a[lang="+t+"]");return t&&(document.location.href=t.href),!0}return!1})(e)||window.addEventListener("storage",function(t){"lastLanguage"==t.key&&t.newValue!=e&&n(t.newValue)}))},ECB.fast.loadImages=function(t){var n,e=t;t||(e=document);var a=function(t){var e=ECB.supports.webp&&t.getAttribute("data-image-webp")?t.getAttribute("data-image-webp"):t.getAttribute("data-image"),n=t;n.style.backgroundImage="url('"+e+"')",t.classList.contains("-inner")||ECB.fast.attribution(n),n.classList.add("loaded")};window.IntersectionObserver&&(n=new IntersectionObserver(function(t){for(var e=0;e<t.length;e++)t[e].isIntersecting&&(a(t[e].target),n.unobserve(t[e].target))},{rootMargin:"50%"}));for(var r=e.querySelectorAll("[data-image]"),i=0;i<r.length;i++)r[i].classList.contains("fast")||r[i].classList.contains("coin-cropper")||!n?a(r[i]):n.observe(r[i]);for(var o=e.querySelectorAll("picture img"),i=0;i<o.length;i++)ECB.fast.attribution(o[i])},ECB.fast.pageTitle=function(){var t=document.querySelector("main>.title h1");t&&0<t.innerText.length&&(document.title=t.innerText)},ECB.fast.random=function(t){Element.prototype.matches||(Element.prototype.matches=Element.prototype.msMatchesSelector||Element.prototype.webkitMatchesSelector);for(var e=(!t?document:t).querySelectorAll(".random"),n=0;n<e.length;n++){e[n].querySelectorAll(".random-item");var a=[];Array.prototype.slice.call(e[n].children).map(function(t){t.matches(".random-item")&&a.push(t)});var r=Math.floor(Math.random()*a.length);e[n].classList.contains("-daily")&&(r=(new Date).getDate()%a.length),a[r].classList.add("active");for(var i=0;i<a.length;i++)i!=r&&e[n].removeChild(a[i])}},ECB.fast.supportCheck=function(e){var n=new Image;n.onload=function(t){"load"==t.type&&1==n.width&&(document.documentElement.classList.add("webp"),ECB.supports.webp=!0),e&&e()},n.onerror=function(){e&&e()},n.src="data:image/webp;base64,UklGRiQAAABXRUJQVlA4IBgAAAAwAQCdASoBAAEAAwA0JaQAA3AA/vuUAAA="},ECB.fast.tempFixes=function(){!function(t,e){for(var n=document.querySelectorAll(t),a=0;a<n.length;a++)e(n[a])}(".table .wrapper h3",function(t){var e=t.parentElement.parentElement,n=document.createElement("div");n.classList.add("header"),n.innerHTML='<div class="title">'+t.innerHTML+"</div>",t.parentElement.removeChild(t),e.prepend(n)})},ECB.fast.supportCheck(function(){function t(){ECB.jsForContentOnly||ECB.fast.pageTitle(),ECB.fast.tempFixes(),ECB.fast.random(),ECB.fast.loadImages(),ECB.fast.langLinks(),ECB.fast.connector(),ECB.fast.annexSwap(),ECB.fast.isLoading(),ECB.fast.authorMove()}"loading"!==document.readyState?t():window.addEventListener("DOMContentLoaded",t)}); </script> <script type="text/javascript" async src="/shared/dist/js/slow.min.js?v=2961558"></script> </head> <body class="project-ecb section-press sub-blog "> <div id="skip-links"> <div class="skip-links-content"> <span>Skip to:</span> <a href="#navwrapper"><span class="sr-only">Skip to </span>navigation</a> <a href="#main-content"><span class="sr-only">Skip to </span>content</a> <a href="#ecb-doc-footer"><span class="sr-only">Skip to </span>footer</a> </div> </div> <header id="ecb-doc-header" class="v2"> <div class="headerHolder"> <button id="toggle-sticky-nav" aria-haspopup="true" ></button> <div class="logo-name"> <a href="/home/html/index.hu.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_name.hu.svg" alt="European Central Bank - eurosystem"> </a> </div> <div class="logo-name-mobile"> <a href="/home/html/index.hu.html" alt="Go to our homepage"> <img src="/shared/img/logos_mobile/ECB_Eurosystem_OneLineLogo_Mobile_HU.svg" alt="European Central Bank - eurosystem"> </a> </div> <div id="language-selector-holder" role="button" title="Select language"> <div id="language-selector"></div> <div id="language-selected" aria-haspopup="true"><i></i><span class="ecb-full">HU</span></div> <div id="language-values"> <a href="index.bg.html" class="available" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" class="available" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" class="available" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" class="available" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" class="available" lang="el" title="Eλληνικά"><span class="ecb-full">Eλληνικά</span></a><a href="index.en.html" class="available" lang="en" title="English"><span class="ecb-full">English</span></a><a href="index.es.html" class="available" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" class="available" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" class="available" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" class="available" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" class="available" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" class="available" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" class="selected available" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" class="available" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" class="available" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" class="available" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" class="available" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" class="available" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" class="available" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" class="available" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" class="available" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" class="available" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" class="available" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" class="available" lang="sv" title="Svenska"><span class="ecb-full">Svenska</span></a> </div> </div> <button id="hamburger" aria-haspopup="true" > Menu <div class="icon"> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> </div> </button> <div class="logo"> <a href="/home/html/index.hu.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_only.svg" alt="our logo, a yellow Euro sign surrounded by yellow stars centered in a dark blue circle resting on a dark blue base"> </a> </div> <nav id="navwrapper" role="navigation" aria-label="Main navigation"><div id="mainnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/mopo/html/index.hu.html">Monetáris politika, piacok</a><a href="#" class="subpages" title="toggle subpages for Monetáris politika, piacok"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Monetáris politika, piacok</div> <p>Monetáris politikai stratégiánk, eszköztárunk, mindezek hatása</p><a href="/mopo/html/index.en.html">A monetáris politika és a piacok áttekintése</a><hr> <div class="nav-title">Gyorshivatkozások</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">Mi a monetáris politika?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Stratégiai felülvizsgálat</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Eszközvásárlási programok</a></li> </ul> </div><a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">A legutóbbi monetáris politikai sajtóértekezlet</div> <div class="image-date">2025. január 30.</div></a></div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.hu.html">Bevezetés</a><a href="#" class="subpages" title="toggle subpages for Bevezetés"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.hu.html">Az árstabilitás előnyei</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.hu.html">A monetáris politika hatóköre</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.hu.html">A transzmissziós mechanizmus</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.hu.html">Döntések, közlemények, beszámolók</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.hu.html">Monetáris politikai stratégia</a><a href="#" class="subpages" title="toggle subpages for Monetáris politikai stratégia"></a><ul><li class="clearfix"><a href="/mopo/strategy/strategy-review/html/index.hu.html">Stratégia felülvizsgálata</a></li><li class="clearfix"><a href="/mopo/strategy/medium-term-orientation/html/index.hu.html">Középtávú orientáció</a></li><li class="clearfix"><a href="/mopo/strategy/pricestab/html/index.hu.html">Két százalékos inflációs cél</a></li></ul></li><li class="has-subpages"><a href="/mopo/devel/html/index.hu.html">Gazdasági, monetáris és pénzügyi elemzés</a><a href="#" class="subpages" title="toggle subpages for Gazdasági, monetáris és pénzügyi elemzés"></a><ul><li class="clearfix"><a href="/mopo/devel/ecana/html/index.hu.html">Gazdasági elemzés</a></li><li class="clearfix"><a href="/mopo/devel/monan/html/index.hu.html">Monetáris és pénzügyi elemzés</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/html/index.hu.html">Instrumentumok</a><a href="#" class="subpages" title="toggle subpages for Instrumentumok"></a><ul><li class="has-subpages"><a href="/mopo/implement/omo/html/index.hu.html">Nyílt piaci műveletek</a><a href="#" class="subpages" title="toggle subpages for Nyílt piaci műveletek"></a><ul><li class="clearfix"><a href="/mopo/implement/omo/tltro/html/index.hu.html">TLTRO</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/app/html/index.hu.html">Eszközvásárlási programok</a><a href="#" class="subpages" title="toggle subpages for Eszközvásárlási programok"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.hu.html">Értékpapír-kölcsönzés</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.hu.html">Pandémiás vészhelyzeti vásárlási program</a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.hu.html">Állandó rendelkezésre álló konstrukciók</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.hu.html">Kötelező tartalék</a><a href="#" class="subpages" title="toggle subpages for Kötelező tartalék"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.hu.html">Kétszintű rendszer</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.hu.html">Nemzetközi piaci műveletek</a><a href="#" class="subpages" title="toggle subpages for Nemzetközi piaci műveletek"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.hu.html">Központi banki likviditási keretek euróban</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.hu.html">Sürgősségi likviditási támogatás (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.hu.html">Likviditás elemzése</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.hu.html">Fedezet</a><a href="#" class="subpages" title="toggle subpages for Fedezet"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.hu.html">Elfogadhatósági kritériumok és értékelés</a><a href="#" class="subpages" title="toggle subpages for Elfogadhatósági kritériumok és értékelés"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.hu.html">Forgalomképes eszközök</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.hu.html">Nem forgalomképes eszközök</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.hu.html">Elfogadható forgalomképes eszközök jegyzéke</a><a href="#" class="subpages" title="toggle subpages for Elfogadható forgalomképes eszközök jegyzéke"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.hu.html">Használati útmutató</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.hu.html">Fedezetmobilizálás</a><a href="#" class="subpages" title="toggle subpages for Fedezetmobilizálás"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.hu.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.hu.html">Elfogadható éer (SSS)</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.hu.html">Elfogadott kapcsolatok</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.hu.html">Elfogadható háromszereplős közvetítők</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.hu.html">Kockázatcsökkentés</a><a href="#" class="subpages" title="toggle subpages for Kockázatcsökkentés"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.hu.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.hu.html">Kockázat-ellenőrzés</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.hu.html">Haircut-kategóriák</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.hu.html">Értékelés</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.hu.html">Hitelszintű kezdeményezés</a><a href="#" class="subpages" title="toggle subpages for Hitelszintű kezdeményezés"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.hu.html">Adattáblák</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.hu.html">Elfogadhatósági követelmények</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.hu.html">Gyakori kérdések</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.hu.html">Elérhetőségek</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.hu.html">Az euroövezeti gazdaság szerkezete</a><a href="#" class="subpages" title="toggle subpages for Az euroövezeti gazdaság szerkezete"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.hu.html">Gazdaságpolitika</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.hu.html">Fiskális politikák</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.hu.html">Külkereskedelem</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.hu.html">Effektív árfolyamok</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.hu.html">Pénzügyi struktúra</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.hu.html">Pénzügyi piacok</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.hu.html">Pénzügyi közvetítők</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.hu.html">Gazdasági sokféleség</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.hu.html">Munkaerőpiac</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.hu.html">Piaci kapcsolattartó csoportok</a><a href="#" class="subpages" title="toggle subpages for Piaci kapcsolattartó csoportok"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.hu.html">Kötvénypiac (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.hu.html">Pénzpiac (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.hu.html">Adósságpapír-kibocsátási piaci kapcsolattartó csoport (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.hu.html">EKB műveleti menedzserek csoportja (EKB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.hu.html">Deviza (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.hu.html">Intézményi Befektetők Párbeszéde (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.hu.html">Fizetésforgalom, pénzügyi stabilitás</a><a href="#" class="subpages" title="toggle subpages for Fizetésforgalom, pénzügyi stabilitás"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Fizetésforgalom, pénzügyi stabilitás</div> <p>Betekintés a pénzügyi stabilitással, valamint a fizetési és piaci infrastruktúrával kapcsolatos munkánkba</p><a href="/paym/html/index.en.html">A fizetésforgalom és a pénzügyi stabilitás áttekintése</a><hr> <div class="nav-title">Gyorshivatkozások</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">A digitális euro</a></li> <li><a href="/press/intro/html/index.en.html">Fizetésforgalmi hírek és események</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET-tel kapcsolatos szakmai használatra szánt dokumentumok és hivatkozások</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">A Pénzügyi stabilitási jelentés legfrissebb száma</div> <div class="image-date">2024. május 16.</div></a></div></div><ul><li class="clearfix"><span>Fizetésforgalom</span></li><li class="has-subpages"><a href="/paym/target/html/index.hu.html">TARGET-szolgáltatások</a><a href="#" class="subpages" title="toggle subpages for TARGET-szolgáltatások"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.hu.html">Közös jellemzők</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.hu.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.hu.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.hu.html">Irányítás</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.hu.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.hu.html">Irányítás</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.hu.html">Tény- és számadatok</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.hu.html">Árazás</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.hu.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.hu.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.hu.html">Irányítás</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.hu.html">Tény- és számadatok</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.hu.html">Beléptetés</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.hu.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.hu.html">TARGET szakmai használatra szánt dokumentumok, hivatkozások</a><a href="#" class="subpages" title="toggle subpages for TARGET szakmai használatra szánt dokumentumok, hivatkozások"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.hu.html">Szakmai felhasználáshoz</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.hu.html">T2 dokumentumok, hivatkozások</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.hu.html">T2 dokumentumok, hivatkozások</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.hu.html">TIPS dokumentumok, hivatkozások</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.hu.html">ECMS dokumentumok, hivatkozások</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.hu.html">Integráció és innováció</a><a href="#" class="subpages" title="toggle subpages for Integráció és innováció"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.hu.html">Megosztott főkönyvi technológiák</a><a href="#" class="subpages" title="toggle subpages for Megosztott főkönyvi technológiák"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.hu.html">Feltáró munka</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.hu.html">Kis összegű fizetésforgalom</a><a href="#" class="subpages" title="toggle subpages for Kis összegű fizetésforgalom"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.hu.html">Kis összegű fizetésforgalmi stratégia</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.hu.html">Az EKB mint katalizátor</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.hu.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.hu.html">Azonnali fizetésforgalom</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.hu.html">Fedezetkezelés harmonizálása</a><a href="#" class="subpages" title="toggle subpages for Fedezetkezelés harmonizálása"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.hu.html">Megvalósítás</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.hu.html">GYIK</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.hu.html">Kiberreziliencia</a><a href="#" class="subpages" title="toggle subpages for Kiberreziliencia"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.hu.html">Pénzügyi piaci infrastruktúrák</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.hu.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.hu.html">Felvigyázás</a><a href="#" class="subpages" title="toggle subpages for Felvigyázás"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.hu.html">Fizetési rendszerek</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.hu.html">TARGET2-értékpapír</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.hu.html">Elektronikus fizetésforgalom</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.hu.html">Értékpapír-elszámolási rendszerek, központi szerződő felek</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.hu.html">Kritikus fontosságú szolgáltatók</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.hu.html">Levelező és letétkezelő bankok</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.hu.html">SecuRe fizetési fórum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.hu.html">Tartalékkezelési szolgáltatások</a><a href="#" class="subpages" title="toggle subpages for Tartalékkezelési szolgáltatások"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.hu.html">Főbb vetületek</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.hu.html">Szolgáltatási kör</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.hu.html">Pénzkezelők</a><a href="#" class="subpages" title="toggle subpages for Pénzkezelők"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.hu.html">Készpénzkezelés</a><a href="#" class="subpages" title="toggle subpages for Készpénzkezelés"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.hu.html">Valódiságvizsgáló eszközök</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.hu.html">Bankjegy-visszaforgatás</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.hu.html">Műszaki előírások (közös érzékelő interfész, CDI)</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.hu.html">Bankjegygyártók akkreditációja</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.hu.html">Piaci kapcsolattartó csoportok</a><a href="#" class="subpages" title="toggle subpages for Piaci kapcsolattartó csoportok"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.hu.html">Piaci infrastruktúrával foglalkozó tanácsadó csoportok</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.hu.html">Euro Kiberreziliencia Testület</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.hu.html">Kis összegű Euro Fizetési Tanács (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.hu.html">Európai Fizetési Innovációs Fórum (EFIP)</a></li></ul></li><li class="clearfix"><span>Pénzügyi stabilitás</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.hu.html">Bevezetés a pénzügyi stabilitásba</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.hu.html">Makroprudenciális intézkedések</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.hu.html">Pénzügyi stabilitási kapcsolattartó csoportok</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.hu.html">Statisztika</a><a href="#" class="subpages" title="toggle subpages for Statisztika"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title"></div> <p></p><a href="/stats/html/index.en.html"></a><hr> <div class="nav-title"></div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures"></a></li> <li><a href="https://data.ecb.europa.eu/"></a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html"></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">AZ EKB BLOGJA – Jobb minőségű adatok: hogyan érinti az éghajlatváltozás a bankokat?</div> <div class="image-date">2024. április 18.</div></a></div></div><ul><li class="clearfix"><span>Gyakran látogatott lapok</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.hu.html">Euro-árfolyamok</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.hu.html">Az EKB irányadó kamatlábai</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.hu.html">Rövid lejáratú eurokamatok (€STR)</a><a href="#" class="subpages" title="toggle subpages for Rövid lejáratú eurokamatok (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.hu.html">Referenciakamatok</a><a href="#" class="subpages" title="toggle subpages for Referenciakamatok"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.hu.html">Kockázatmentes eurokamatokkal foglalkozó munkacsoport</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.hu.html">Infláció</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.hu.html">Euroövezeti hozamgörbék</a></li><li class="clearfix"><span>Az összes statisztika és háttérinformációk</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.hu.html">Az összes főbb statisztika</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.hu.html">Az összes adatszolgáltatás</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.hu.html">Adatszolgáltatás és -standardok</a><a href="#" class="subpages" title="toggle subpages for Adatszolgáltatás és -standardok"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.hu.html">Szervezetirányítás, minősítési keret</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.hu.html">Együttműködés, standardok</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.hu.html">Banki adatszolgáltatás</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.hu.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.hu.html">AnaCredit kérdések és válaszok</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.hu.html">Nyilvános konzultációk</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.hu.html">Banki üzletági párbeszéd a KBER-statisztikákról és integrált adatszolgáltatásról</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.hu.html">SDMX – statisztikai adatcseremodell</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.hu.html">INEXDA: granuláris adathálózat</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.hu.html">Az euro</a><a href="#" class="subpages" title="toggle subpages for Az euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Az euro</div> <p>Tudnivalók a közös valutánkról</p><a href="/euro/html/index.en.html">Az euro áttekintése</a><hr> <div class="nav-title">Gyorshivatkozások</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Pénzkezelőknek</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Bankjegy- és érmestatisztika</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euroárfolyamok</a></li> </ul> </div><a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Tanulmány az euroövezeti fogyasztók fizetési magatartásáról (SPACE) – 2024</div> <div class="image-date">2024. december 19.</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.hu.html">A digitális euro</a><a href="#" class="subpages" title="toggle subpages for A digitális euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.hu.html">Jellemzők</a><a href="#" class="subpages" title="toggle subpages for Jellemzők"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.hu.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.hu.html">Hogyan működik?</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.hu.html">Miért van szükségünk rá?</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.hu.html">Időrendi áttekintés, folyamat</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.hu.html">Részletes információk</a><a href="#" class="subpages" title="toggle subpages for Részletes információk"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.hu.html">Irányítás, érdekeltek bevonása</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.hu.html">Technikai anyagok, kutatás</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.hu.html">Tervezet szabálykönyve</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.hu.html">Gyakori kérdések</a></li></ul></li><li class="clearfix"><span>Készpénz</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.hu.html">Az eurorendszer készpénzstratégiája</a><a href="#" class="subpages" title="toggle subpages for Az eurorendszer készpénzstratégiája"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.hu.html">A készpénz szerepe</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.hu.html">Kibocsátás, forgalmazás</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.hu.html">Készpénzhozzáférés és -elfogadás</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.hu.html">Gyakori kérdések</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.hu.html">Bankjegyek</a><a href="#" class="subpages" title="toggle subpages for Bankjegyek"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.hu.html">Jövőbeni bankjegyek</a><a href="#" class="subpages" title="toggle subpages for Jövőbeni bankjegyek"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.hu.html">Újratervezési folyamat</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.hu.html">Jelenlegi bankjegyek</a><a href="#" class="subpages" title="toggle subpages for Jelenlegi bankjegyek"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.hu.html">Címletek</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.hu.html">Dizájnelemek</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.hu.html">Biztonsági elemek</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.hu.html">Védekezés a pénzhamisítók ellen</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.hu.html">Bankjegykészítés és -készlet</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.hu.html">Sérült, festékfoltos bankjegyek</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.hu.html">Környezet- és egészségvédelem</a><a href="#" class="subpages" title="toggle subpages for Környezet- és egészségvédelem"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.hu.html">A termék környezeti lábnyoma</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.hu.html">Kutatás-fejlesztés</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.hu.html">Képek és utánzatkészítési szabályok</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.hu.html">Információk és oktatóanyagok</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.hu.html">Érmék</a><a href="#" class="subpages" title="toggle subpages for Érmék"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.hu.html">2 €</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.hu.html">1 €</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.hu.html">50 centes</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.hu.html">20 centes</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.hu.html">10 centes</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.hu.html">5 centes</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.hu.html">2 centes</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.hu.html">1 centes</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.hu.html">Közös hátlap</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.hu.html">2 eurós emlékérme</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.hu.html">Biztonsági elemek</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.hu.html">Érmék gyűjtőknek</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.hu.html">Belépés az euroövezetbe</a><a href="#" class="subpages" title="toggle subpages for Belépés az euroövezetbe"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.hu.html">Horvátország (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.hu.html">Litvánia (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.hu.html">Lettország (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.hu.html">Észtország (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.hu.html">Szlovákia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.hu.html">Ciprus (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.hu.html">Málta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.hu.html">Szlovénia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.hu.html">Az első készpénzcsere (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.hu.html">Nemzeti pénzcsere</a><a href="#" class="subpages" title="toggle subpages for Nemzeti pénzcsere"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.hu.html">Ausztria</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.hu.html">Belgium</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.hu.html">Horvátország</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.hu.html">Ciprus</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.hu.html">Észtország</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.hu.html">Finnország</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.hu.html">Franciaország</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.hu.html">Németország</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.hu.html">Görögország</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.hu.html">Írország</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.hu.html">Olaszország</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.hu.html">Lettország</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.hu.html">Litvánia</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.hu.html">Luxemburg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.hu.html">Málta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.hu.html">Hollandia</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.hu.html">Portugália</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.hu.html">Szlovákia</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.hu.html">Szlovénia</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.hu.html">Spanyolország</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.hu.html">Látássérülteknek</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.hu.html">Kutatás</a><a href="#" class="subpages" title="toggle subpages for Kutatás"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Kutatás</div> <p>Mélyreható tanulmányok és szakértői elemzések sokféle témakörben és szakterületen</p><a href="/pub/html/index.en.html">Az EKB kutatásainak áttekintése</a> <hr> <div class="nav-title">Gyorshivatkozások</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Konferenciák, szemináriumok</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Lehetőségek kutatóknak</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">Kutatási Közlöny</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.hu.html">Gazdasági kutatás</a><a href="#" class="subpages" title="toggle subpages for Gazdasági kutatás"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.hu.html">Kutatási feladatok</a><a href="#" class="subpages" title="toggle subpages for Kutatási feladatok"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.hu.html">Monetary policy, strategy and implementation</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.hu.html">Fiscal policy and governance within EMU</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.hu.html">International macro and finance</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.hu.html">Real sector and microeconomic analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.hu.html">Forecasting and business cycle analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.hu.html">Macro-finance, systemic risk and macroprudential policy</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.hu.html">Financial institutions, microprudential policy, financial markets and payments</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.hu.html">Lehetőségek kutatóknak</a><a href="#" class="subpages" title="toggle subpages for Lehetőségek kutatóknak"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.hu.html">Wim Duisenberg-ösztöndíj</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.hu.html">Rendszeres vendégkutatói meghívások</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.hu.html">Lámfalussy-ösztöndíj</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.hu.html">Nyári posztgraduális kutatási program</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.hu.html">Egyetemistáknak szóló kutatási gyakornoki program</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.hu.html">Jogi kutatás</a><a href="#" class="subpages" title="toggle subpages for Jogi kutatás"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.hu.html">Jogi konferenciák, szemináriumok</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.hu.html">Jogi kutatási program</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.hu.html">Kutatói anulmányok</a><a href="#" class="subpages" title="toggle subpages for Kutatói anulmányok"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.hu.html">Tanulmányok szerző szerint</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.hu.html">Az EKB kutatói</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.hu.html">Kutatói hálók</a></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/press/html/index.hu.html">Hírek, kiadványok</a><a href="#" class="subpages" title="toggle subpages for Hírek, kiadványok"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Hírek & Publikációk</div><a href="/press/pubbydate/html/index.en.html">Böngésszen az összes hír és publikáció között</a><hr> </div> </div><ul><li><span>Hírek</span></li><li><a href="/press/pr/html/index.hu.html">Sajtóközlemények</a></li><li><a href="/press/stats/html/index.hu.html">Statisztikai közlemények</a></li><li><a href="/press/key/html/index.hu.html">Előadások</a></li><li><a href="/press/inter/html/index.hu.html">Interjúk</a></li><li><a href="/press/blog/html/index.hu.html">Az EKB blogja</a></li><li><a href="/press/tvservices/html/index.hu.html">Podcastok és webcastok</a></li><li><a href="/press/intro/html/index.hu.html">Fizetésforgalmi hírek, események</a></li><li><a href="/press/contacts/html/index.hu.html">Médiaelérhetőségek</a></li></ul></div><ul><li class="clearfix"><span>Kiadványok</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.hu.html">Kormányzótanácsi döntések</a><a href="#" class="subpages" title="toggle subpages for Kormányzótanácsi döntések"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.hu.html">Monetáris politikai döntések</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.hu.html">Egyéb döntések</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.hu.html">Monetáris politikai beszámolók</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.hu.html">Gazdasági jelentés</a><a href="#" class="subpages" title="toggle subpages for Gazdasági jelentés"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.hu.html">Cikkek</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.hu.html">Fókusz</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.hu.html">Havi jelentés</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.hu.html">Makrogazdasági prognózis</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.hu.html">Éves jelentések, pénzügyi kimutatások</a><a href="#" class="subpages" title="toggle subpages for Éves jelentések, pénzügyi kimutatások"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.hu.html">Éves jelentés</a><a href="#" class="subpages" title="toggle subpages for Éves jelentés"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.hu.html">Éves beszámoló</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.hu.html">Az eurorendszer mérlege</a><a href="#" class="subpages" title="toggle subpages for Az eurorendszer mérlege"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.hu.html">Monetáris politikai műveletek</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.hu.html">Heti pénzügyi kimutatások</a><a href="#" class="subpages" title="toggle subpages for Heti pénzügyi kimutatások"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.hu.html">Dezaggregált adatok</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.hu.html">Financial stability publications</a><a href="#" class="subpages" title="toggle subpages for Financial stability publications"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.hu.html">Pénzügyi stabilitási jelentés</a><a href="#" class="subpages" title="toggle subpages for Pénzügyi stabilitási jelentés"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.hu.html">Szakértői cikkek</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.hu.html">Makroprudenciális hírlevél</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.hu.html">Kutatási kiadványok</a><a href="#" class="subpages" title="toggle subpages for Kutatási kiadványok"></a><ul><li class="clearfix"><a href="/press/research-publications/resbull/html/index.hu.html">Kutatói hírlevél</a></li><li class="clearfix"><a href="/press/research-publications/working-papers/html/index.hu.html">EKB-füzetek</a></li><li class="clearfix"><a href="/press/research-publications/discussion-papers/html/index.hu.html">EKB-füzetek</a></li><li class="clearfix"><a href="/press/research-publications/occasional-papers/html/index.hu.html">Műhelytanulmányok</a></li><li class="clearfix"><a href="/press/research-publications/legal-working-papers/html/index.hu.html">Jogi füzetek</a></li><li class="clearfix"><a href="/press/research-publications/statistics-papers/html/index.hu.html">Statisztikai tanulmányok</a></li></ul></li><li class="has-subpages"><a href="/press/other-publications/html/index.hu.html">Other publications</a><a href="#" class="subpages" title="toggle subpages for Other publications"></a><ul><li class="clearfix"><a href="/press/other-publications/mep-letters/html/index.hu.html">Letters to MEPs</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.hu.html">Konvergenciajelentés</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.hu.html">International Role of the Euro</a></li></ul></li><li class="clearfix"><span>Rendezvények, határidőnaplók</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.hu.html">Sajtóértekezlet</a><a href="#" class="subpages" title="toggle subpages for Sajtóértekezlet"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.hu.html">Sajtóértekezletek</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.hu.html">Monetáris politikai közlemények röviden</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.hu.html">Konferenciák, szemináriumok</a><a href="#" class="subpages" title="toggle subpages for Konferenciák, szemináriumok"></a><ul><li class="has-subpages"><a href="/press/conferences/ecbforum/html/index.hu.html">Központi banki fórum</a><a href="#" class="subpages" title="toggle subpages for Központi banki fórum"></a><ul><li class="clearfix"><a href="/press/conferences/ecbforum/YE_competition/html/index.hu.html">Fiatal Közgazdász Díj</a></li><li class="clearfix"><a href="/press/conferences/ecbforum/previous_fora/html/index.hu.html">Régebbi események</a></li></ul></li><li class="clearfix"><a href="/press/conferences/civil_society_engagement/html/index.hu.html">Civil society engagement</a></li></ul></li><li class="has-subpages"><a href="/press/calendars/html/index.hu.html">Eseménynaptár</a><a href="#" class="subpages" title="toggle subpages for Eseménynaptár"></a><ul><li class="clearfix"><a href="/press/calendars/weekly/html/index.hu.html">Heti eseménynaptár</a></li><li class="clearfix"><a href="/press/calendars/mgcgc/html/index.hu.html">A Kormányzótanács és az Általános Tanács ülései</a></li><li class="has-subpages"><a href="/press/calendars/statscal/html/index.hu.html">Statisztikai naptárak</a><a href="#" class="subpages" title="toggle subpages for Statisztikai naptárak"></a><ul><li class="clearfix"><a href="/press/calendars/statscal/mfm/html/index.hu.html">Pénzügyi, banki és pénzpiacok</a></li><li class="clearfix"><a href="/press/calendars/statscal/eaa/html/index.hu.html">Euroövezeti számlák</a></li><li class="clearfix"><a href="/press/calendars/statscal/ext/html/index.hu.html">Külső tranzakciók és pozíciók</a></li><li class="clearfix"><a href="/press/calendars/statscal/ges/html/index.hu.html">Árak, kibocsátás, kereslet, munkaerő</a></li><li class="clearfix"><a href="/press/calendars/statscal/gf/html/index.hu.html">Kormányzati pénzügy</a></li><li class="clearfix"><a href="/press/calendars/statscal/sps/html/index.hu.html">Supervisory and prudential statistics</a></li></ul></li><li class="clearfix"><a href="/press/calendars/caleu/html/index.hu.html">Az eurorendszer tenderműveletei</a></li><li class="clearfix"><a href="/press/calendars/reserve/html/index.hu.html">Tartalékolási periódus</a></li></ul></li></ul></div></li><li class="clearfix -ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.hu.html">Bankfelügyelet<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/ecb/html/index.hu.html">Rólunk</a><a href="#" class="subpages" title="toggle subpages for Rólunk"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Rólunk</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb/all-about-us/html/index.hu.html">Rólunk</a></li><li class="has-subpages"><a href="/ecb/decisions/html/index.hu.html">Vezetőink</a><a href="#" class="subpages" title="toggle subpages for Vezetőink"></a><ul><li class="clearfix"><a href="/ecb/decisions/eb/html/index.hu.html">Igazgatóság</a></li><li class="clearfix"><a href="/ecb/decisions/govc/html/index.hu.html">Kormányzótanács</a></li><li class="clearfix"><a href="/ecb/decisions/genc/html/index.hu.html">Általános Tanács</a></li><li class="clearfix"><a href="/ecb/decisions/ssm/html/index.hu.html">Felügyeleti Testület</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/html/index.hu.html">Szervezetünk</a><a href="#" class="subpages" title="toggle subpages for Szervezetünk"></a><ul><li class="has-subpages"><a href="/ecb/orga/escb/html/index.hu.html">Az EKB, a KBER és az eurorendszer</a><a href="#" class="subpages" title="toggle subpages for Az EKB, a KBER és az eurorendszer"></a><ul><li class="clearfix"><a href="/ecb/orga/escb/ecb-mission/html/index.hu.html">Az EKB küldetése</a></li><li class="clearfix"><a href="/ecb/orga/escb/eurosystem-mission/html/index.hu.html">Az eurorendszer küldetése</a></li><li class="clearfix"><a href="/ecb/orga/escb/strategic-intents/html/index.hu.html">Stratégiai célok</a></li><li class="clearfix"><a href="/ecb/orga/escb/organisational-principles/html/index.hu.html">Szervezeti alapelvek</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/html/index.hu.html">Feladatok</a><a href="#" class="subpages" title="toggle subpages for Feladatok"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/monpol/html/index.hu.html">Monetáris politika</a></li><li class="clearfix"><a href="/ecb/orga/tasks/statistics/html/index.hu.html">Statisztika</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/stability/html/index.hu.html">Pénzügyi stabilitás és makroprudenciális politika</a><a href="#" class="subpages" title="toggle subpages for Pénzügyi stabilitás és makroprudenciális politika"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/stability/tasks/html/index.hu.html">Feladataink</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/strategy/html/index.hu.html">Stratégia</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/framework/html/index.hu.html">Intézményi keret</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/euro/html/index.hu.html">Bankjegy</a></li><li class="clearfix"><a href="/ecb/orga/tasks/paym/html/index.hu.html">Pénzforgalom, értékpapír</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/europe/html/index.hu.html">Európai kapcsolatok</a><a href="#" class="subpages" title="toggle subpages for Európai kapcsolatok"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/europe/cooperation/html/index.hu.html">Európai együttműködés</a></li><li class="clearfix"><a href="/ecb/orga/tasks/europe/emu/html/index.hu.html">A GMU gazdaságirányítása</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/international/html/index.hu.html">Nemzetközi ügyek</a><a href="#" class="subpages" title="toggle subpages for Nemzetközi ügyek"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/international/institutions/html/index.hu.html">Nemzetközi kapcsolatok és elemzés</a></li><li class="clearfix"><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.hu.html">A központi bankok nemzetközi együttműködése</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/reserves/html/index.hu.html">Nemzetközi tartalék, saját vagyonalap</a></li><li class="clearfix"><a href="/ecb/orga/tasks/forex/html/index.hu.html">Devizaműveletek</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/orgachart/html/index.hu.html">Az EKB szervezeti ábrája</a></li><li class="clearfix"><a href="/ecb/orga/capital/html/index.hu.html">Tőkejegyzés</a></li><li class="clearfix"><a href="/ecb/orga/governance/html/index.hu.html">Irányítási rendszer</a></li></ul></li><li class="has-subpages"><a href="/ecb/our-values/html/index.hu.html">Our values</a><a href="#" class="subpages" title="toggle subpages for Our values"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.hu.html">Függetlenség</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.hu.html">Átláthatóság</a></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.hu.html">Elszámoltathatóság</a></li><li class="has-subpages"><a href="/ecb/our-values/ethics/html/index.hu.html">Etikai normák – feddhetetlenség a munkavégzésben</a><a href="#" class="subpages" title="toggle subpages for Etikai normák – feddhetetlenség a munkavégzésben"></a><ul><li class="clearfix"><a href="/ecb/our-values/ethics/enmo/html/index.hu.html">Multilaterális Szervezetek Etikai Hálózata (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.hu.html">Történetünk, művészetünk, kultúránk</a><a href="#" class="subpages" title="toggle subpages for Történetünk, művészetünk, kultúránk"></a><ul><li class="has-subpages"><a href="/ecb/history-arts-culture/history/html/index.hu.html">Történeti áttekintés</a><a href="#" class="subpages" title="toggle subpages for Történeti áttekintés"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.hu.html">25 years of the ECB</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/emu/html/index.hu.html">Gazdasági és monetáris unió</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/enlargement/html/index.hu.html">EU-bővítés</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/ec/html/index.hu.html">Európai Unió</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/archives/html/index.hu.html">Irattár</a><a href="#" class="subpages" title="toggle subpages for Irattár"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/archives/cog/html/index.hu.html">Központi Banki Elnökök Bizottsága</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emcf/html/index.hu.html">Európai Monetáris Együttműködési Alap</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/delors/html/index.hu.html">Delors-bizottság</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emi/html/index.hu.html">Európai Monetáris Intézet</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/european/html/index.hu.html">Európai Központi Bank</a></li></ul></li><li class="clearfix"><a href="/ecb/history-arts-culture/artsculture/html/index.hu.html">Művészet és kultúra</a></li></ul></li><li class="has-subpages"><a href="/ecb/legal/html/index.hu.html">Jogi keretünk</a><a href="#" class="subpages" title="toggle subpages for Jogi keretünk"></a><ul><li class="clearfix"><a href="/ecb/legal/faqs/html/index.hu.html">EUR-Lex - gyakori kérdések</a></li><li class="clearfix"><a href="/ecb/legal/fsla/html/index.hu.html">Intézményi keret</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.hu.html">Az éghajlatváltozás és az EKB</a><a href="#" class="subpages" title="toggle subpages for Az éghajlatváltozás és az EKB"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.hu.html">Az éghajlattal és a természettel kapcsolatos tervünk</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.hu.html">Az éghajlattal kapcsolatos pénzügyi adatközlések</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.hu.html">Az éghajlatváltozással kapcsolatos kockázatok kezelése</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.hu.html">A zöld átállás támogatása</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.hu.html">Az átfogóbb klímapolitika előmozdítása</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.hu.html">Megközelítésünk</a></li><li class="clearfix"><a href="/ecb/climate/green/html/index.hu.html">Környezetvédelem</a></li><li class="clearfix"><a href="/ecb/climate/climate/html/index.hu.html">Klímabiztosítás-védelmi rés</a></li></ul></li><li class="clearfix"><a href="/ecb/sanctions/html/index.hu.html">Az EKB által kiszabott szankciók</a></li><li class="has-subpages"><a href="/ecb/jobsproc/html/index.hu.html">Beszerzés</a><a href="#" class="subpages" title="toggle subpages for Beszerzés"></a><ul><li class="clearfix"><a href="/ecb/jobsproc/tenders/html/index.hu.html">Tendereljárás</a></li><li class="clearfix"><a href="/ecb/jobsproc/archive/html/index.hu.html">Irattár</a></li><li class="clearfix"><a href="/ecb/jobsproc/sourcing/html/index.hu.html">Elektronikus pályázati rendszer</a></li></ul></li><li class="has-subpages"><a href="/ecb/access_to_documents/html/index.hu.html">Betekintés a dokumentumokba</a><a href="#" class="subpages" title="toggle subpages for Betekintés a dokumentumokba"></a><ul><li class="clearfix"><a href="/ecb/access_to_documents/document/html/index.hu.html">Nyilvános dokumentumtár</a></li></ul></li><li class="has-subpages"><a href="/ecb/contacts/html/index.hu.html">Elérhetőségeink</a><a href="#" class="subpages" title="toggle subpages for Elérhetőségeink"></a><ul><li class="clearfix"><a href="/ecb/contacts/address/html/index.hu.html">Cím</a></li><li class="clearfix"><a href="/ecb/contacts/working-hours/html/index.hu.html">Munkaszüneti napok az EKB-nál</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/ecb-and-you/html/index.hu.html">Az EKB és én</a><a href="#" class="subpages" title="toggle subpages for Az EKB és én"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Az EKB és én</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb-and-you/educational/html/index.hu.html">Tudnivalók - az EKB és én</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/html/index.hu.html">Kisokos</a></li><li class="clearfix"><a href="/ecb-and-you/test-your-knowledge/html/index.hu.html">Tudáspróba</a></li><li class="has-subpages"><a href="/ecb-and-you/youth-initiatives/html/index.hu.html">Kezdeményezések fiataloknak</a><a href="#" class="subpages" title="toggle subpages for Kezdeményezések fiataloknak"></a><ul><li class="clearfix"><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.hu.html">Informatikai tábor lányoknak</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/everyone-needs-stability/html/index.hu.html">Everyone needs stability</a></li><li class="clearfix"><a href="/ecb-and-you/ecb_and_you/html/index.hu.html">Én és az EKB</a></li><li class="clearfix"><a href="/ecb-and-you/ask_us/html/index.hu.html">Kérdezzen tőlünk!</a></li><li class="has-subpages"><a href="/ecb-and-you/visits/html/index.hu.html">Látogasson el hozzánk!</a><a href="#" class="subpages" title="toggle subpages for Látogasson el hozzánk!"></a><ul><li class="clearfix"><a href="/ecb-and-you/visits/premises/html/index.hu.html">Főépület</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/careers/html/index.hu.html">Karrierlehetőségek</a><a href="#" class="subpages" title="toggle subpages for Karrierlehetőségek"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Karrierlehetőségek</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/careers/all-about-careers/html/index.hu.html">Tudnivalók a karrierlehetőségekről</a></li><li class="clearfix"><a href="/careers/vacancies/html/index.hu.html">Álláslehetőségek</a></li><li class="has-subpages"><a href="/careers/working-at-the-ecb/html/index.hu.html">Kik vagyunk?</a><a href="#" class="subpages" title="toggle subpages for Kik vagyunk?"></a><ul><li class="clearfix"><a href="/careers/working-at-the-ecb/about/html/index.hu.html">Az EKB-ról</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/employee-portraits/html/index.hu.html">Bemutatjuk a munkatársainkat</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.hu.html">Élet Frankfurtban</a></li></ul></li><li class="has-subpages"><a href="/careers/why-we-value-diversity/html/index.hu.html">Miért tartjuk nagyra a sokféleséget?</a><a href="#" class="subpages" title="toggle subpages for Miért tartjuk nagyra a sokféleséget?"></a><ul><li class="clearfix"><a href="/careers/why-we-value-diversity/women/html/index.hu.html">Nők az EKB-ban</a></li><li class="clearfix"><a href="/careers/why-we-value-diversity/diversity-networks/html/index.hu.html">Sokszínűségi hálók</a></li></ul></li><li class="has-subpages"><a href="/careers/what-we-offer/html/index.hu.html">Mit kínálunk?</a><a href="#" class="subpages" title="toggle subpages for Mit kínálunk?"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/benefits/html/index.hu.html">Juttatások, jutalmak</a></li><li class="has-subpages"><a href="/careers/what-we-offer/contract/html/index.hu.html">Szerződésfajták</a><a href="#" class="subpages" title="toggle subpages for Szerződésfajták"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/contract/fixed/html/index.hu.html">Határozott időre szóló</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/short/html/index.hu.html">Rövid időre szóló</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/escb/html/index.hu.html">KBER/IO</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/other/html/index.hu.html">Egyéb</a></li></ul></li><li class="clearfix"><a href="/careers/what-we-offer/traineeship/html/index.hu.html">Gyakorlat</a></li><li class="clearfix"><a href="/careers/what-we-offer/graduate/html/index.hu.html">Program diplomásoknak</a></li><li class="clearfix"><a href="/careers/what-we-offer/wecs/html/index.hu.html">Nők a közgazdaságtanban ösztöndíj</a></li><li class="clearfix"><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.hu.html">Az EKB ösztöndíja ukrán diplomásoknak</a></li></ul></li><li class="has-subpages"><a href="/careers/before-you-apply/html/index.hu.html">Hogyan lehet belépni hozzánk?</a><a href="#" class="subpages" title="toggle subpages for Hogyan lehet belépni hozzánk?"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/how-to-apply/html/index.hu.html">Jelentkezés módja</a></li><li class="clearfix"><a href="/careers/before-you-apply/how-we-hire/html/index.hu.html">Felvétel módja</a></li><li class="has-subpages"><a href="/careers/before-you-apply/newcomers/html/index.hu.html">A felvétel utáni lépések</a><a href="#" class="subpages" title="toggle subpages for A felvétel utáni lépések"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.hu.html">Határozott idejű szerződéses munkavállaló</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/short-term/html/index.hu.html">Rövid idejű szerződéses munkavállaló</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/trainee/html/index.hu.html">Gyakornok</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/cost-free/html/index.hu.html">Költségmentes kiküldött</a></li></ul></li></ul></li><li class="clearfix"><a href="/careers/faq/html/index.hu.html">GYIK</a></li></ul></div></li></ul></div></nav> <div id="page-actions"> <div class="ecb-quickSearch" style="width:100%;"> <form role="search" method="get" style="width:100%;display:flex" onsubmit="return false"> <input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" /> <a href="#" id="searchButton">Search</a> </form> </div> </div> <button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> </div> <div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div> </header> <div id="ecb-mainnavwrapper" style="display: none !important;"></div> <div id="addSearch-container-full"> <div class="blue-bg"> <div class="arrow-top"></div> <div class="section filter-radio"> <div class="tabs-container -white-blue"> <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all"> <label for="searchAll" class="count-hits-all">BÁRMIKOR <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month"> <label for="searchMonth" class="count-hits-month">MÚLT HÓNAPBAN <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year"> <label for="searchYear" class="count-hits-year">TAVALY <span class="count-hits"></span></label> </div> <div class="tabs-search-options-head"> <div id="text-search-options" class="title-option">Keresési lehetőségek</div> <div id="text-image-preview" class="title-option hidden">Képalapú előnézet</div> </div> </div> <div class="arrow-bottom"></div> <div class="filter-selection form"> <div class="form-content"> <form> <div> <label for="dropdownSuggestions">Rendezési szempont</label> <div id="dropdownFilter" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate"> <option value="all" class="count-hits-all">BÁRMIKOR</option> <option value="month" class="count-hits-month">MÚLT HÓNAPBAN</option> <option value="year" class="count-hits-year">TAVALY</option> </select> </div> </div> <div> <label for="dropdownSuggestions" class="space-top">Javaslatok</label> <div id="dropdownSuggestions" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion"> <option></option> </select> </div> </div> </form> </div> </div> </div> <div class="white-bg"> <div class="section"> <div class="adsearch-result-shadows" style="display: none;"></div> <div class="result-main-panel"><div id="addsearch-api-results"></div> <div class="addsearch-legends-categories"><span id="adcat_home">Kezdőlap</span> <span id="adcat_press">Média</span> <span id="adcat_explainers">Kisokos</span> <span id="adcat_pub">Kutatás és publikációk</span> <span id="adcat_stats">Statisztika</span> <span id="adcat_mopo">Monetáris politika</span> <span id="adcat_euro">Az €uro</span> <span id="adcat_paym">Fizetésforgalom és piacok</span> <span id="adcat_career">Karrier</span></div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"><span>Javaslatok</span><div id="suggestions-container"> </div> </div> <div id="result-sortBy"><span>Rendezési szempont</span><div id="sortby-radio-container"> <div class="addsearch-sortby-radiogroup"> <label> <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Találati pontosság</label> <label> <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Dátum</label> </div> </div> </div> </div> <div id="addsearch-image-container"><a href="#" class="no-icon" target="_blank"><img src="" id="addsearch-image" /></a></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution " data-image-webp="/press/blog/html/index_header.webp" data-image="/press/blog/html/index_header.jpg"> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main > <div class='title'><img style="float:left;width:90px;margin: 16px 10px 0 -24px;" src="../shared/img/blog_logo.png"><h1>Az EKB blogja</h1> </div> <div class="intro"> <div class="quote -aside -stars-watermark"> <blockquote> <p>Európai nézőpont a központi bankokról és a gazdaságról</p> </blockquote> <p>Az EKB blogjában a gazdasággal és a központi banki politikával kapcsolatos friss gondolatokat osztunk meg. A blog az általunk összegyűjtött adatokon, az elvégzett elemzéseken és kutatásokon alapul, és nem csak az euroövezet közönségének szánjuk. A bejegyzések szerzői az EKB munkatársai és az Igazgatóságunk tagjai.</p><a href="register.en.html" data-label="angol">Feliratkozás az EKB blogjára</a></div> </div> <div class="cards -three-columns -landscape-img -align-left -filter -blue"> <div class="large-box -top-arrow"> <div class="wrapper"><div data-image="/press/blog/date/2025/html//ecb.blog20250211~b1c08a62a1/ecb.blog20250211~b1c08a62a1.jpg"></div><div class="content-box" href="/press/blog/date/2025/html/ecb.blog20250211~b1c08a62a1.en.html"> <h5>11 February 2025</h5> <h3>Why a more competitive economy matters for monetary policy</h3> <p>At the heart of the euro area’s competitiveness challenges lies weak productivity growth. The ECB Blog looks at how this makes it more difficult to carry out monetary policy. </p> <a href="/press/blog/date/2025/html/ecb.blog20250211~b1c08a62a1.en.html" data-label="angol">Read more</a> </div> </div></div> <div class="container"> <div class="wrapper"><div class="box"><a class="content-box" href="/press/blog/date/2025/html/ecb.blog20250205~44578cf53f.en.html" data-label="angol"> <div data-image="/press/blog/date/2025/html//ecb.blog20250205~44578cf53f/ecb.blog20250205~44578cf53f.jpg"></div> <h5>5 February 2025</h5> <h3>What happens when US and euro area monetary policy decouple?</h3> <p>The monetary policies of the ECB and the US Federal Reserve are not always in sync. But how does the Fed’s policy affect the euro area economy? This ECB Blog looks at how monetary policy in the United States travels across the Atlantic and what this means for the ECB.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250205~44578cf53f.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2025/html/ecb.blog20250201~8dbc16838e.en.html" data-label="angol"> <div data-image="/press/blog/date/2025/html//ecb.blog20250201~8dbc16838e/ecb.blog20250201~8dbc16838e.jpg"></div> <h5>1 February 2025</h5> <h3>Europe has strengths it can build on</h3> <p>Remaining competitive is fundamental for Europe’s future. We need faster economic growth and higher productivity to protect the quality of life for Europeans – from their jobs and incomes to their security and welfare.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250201~8dbc16838e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2025/html/ecb.blog20250120~00e4054399.en.html" data-label="angol"> <div data-image="/press/blog/date/2025/html//ecb.blog20250120~00e4054399/ecb.blog20250120~00e4054399.jpg"></div> <h5>20 January 2025</h5> <h3>Why prudent projections are the backbone of sound stress testing </h3> <p>Stress tests are of crucial importance to assess banks’ resilience under adverse economic conditions. In previous stress tests, however, some banks submitted overly optimistic projections. Despite thorough quality assurance by supervisors, this behaviour makes it more likely that the risks some banks face are underestimated. To address this, we are now taking a closer look at insufficiently prudent projection submissions. In line with our supervisory focus on banks’ risk data aggregation and reporting capabilities, we are also looking more closely at poor data quality issues in stress tests.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250120~00e4054399.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2025/html/ecb.blog.20250115~f016f263dd.en.html" data-label="angol"> <div data-image="/press/blog/date/2025/html//ecb.blog.20250115~f016f263dd/ecb.blog.20250115~f016f263dd.jpg"></div> <h5>15 January 2025</h5> <h3>Exploring an uncertain future with the help of scenarios</h3> <p>Central banks project future developments based on past data patterns and a set of assumptions. Crises can change economic structures, complicating this forecasting. The ECB Blog explains how scenario, risk and sensitivity analyses address the new uncertainty.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog.20250115~f016f263dd.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2025/html/ecb.blog20250110~e14843779d.en.html" data-label="angol"> <div data-image="/press/blog/date/2025/html//ecb.blog20250110~e14843779d/ecb.blog20250110~e14843779d.jpg"></div> <h5>10 January 2025</h5> <h3>Public vs. private R&D: impacts on productivity</h3> <p>Investments in R&D typically foster productivity growth. But the funding source matters. The ECB Blog shows that publicly funded R&D complements private investments and has greater effects on productivity growth because of its larger spillovers.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250110~e14843779d.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2025/html/ecb.blog20250108~5b33e426a3.en.html" data-label="angol"> <div data-image="/press/blog/date/2025/html//ecb.blog20250108~5b33e426a3/ecb.blog20250108~5b33e426a3.jpg"></div> <h5>8 January 2025</h5> <h3>Working from home: Effects on housing demand and inequality</h3> <p>The rise of working-from-home during the pandemic dramatically changed the way we organise work. And teleworking is transforming more than just our professional lives: The ECB Blog looks at how this shift is affecting the housing market and inequality.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250108~5b33e426a3.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2025/html/ecb.blog20250106~7a7fd7104b.en.html" data-label="angol"> <div data-image="/press/blog/date/2025/html//ecb.blog20250106~7a7fd7104b/ecb.blog20250106~7a7fd7104b.jpg"></div> <h5>6 January 2025</h5> <h3>Portfolio rebalancing: investors’ safe asset substitution patterns</h3> <p>When returns on safe assets fall, investors move some of their money to riskier assets. This ECB Blog shows: US Treasuries are replaced by global bonds, while German Bunds substitutes are mostly from Europe. This effect is smaller in times of market stress.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250106~7a7fd7104b.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20241218~1b3de009b4.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20241218~1b3de009b4/ecb.blog20241218~1b3de009b4.jpg"></div> <h5>18 December 2024</h5> <h3>The ECB wage tracker: your guide to euro area wage developments</h3> <p>The growth of negotiated wages is expected to ease in 2025. This is the information emerging from the ECB wage tracker, which we will publish on a regular basis from now on. The ECB Blog explains the tool and how it can help monitor wage pressures in the euro area.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241218~1b3de009b4.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20241216~bfde3e64c2.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20241216~bfde3e64c2/ecb.blog20241216~bfde3e64c2.jpg"></div> <h5>16 December 2024</h5> <h3>What drives domestic inflation? The triangle of wages, profits and productivity</h3> <p>Though overall inflation has come down a lot, domestic inflation remains stubbornly high. This is typical for monetary policy tightening cycles. To understand why, The ECB Blog looks at how monetary policy is transmitted to wages, profits and productivity.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241216~bfde3e64c2.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20241203~5d969f5a3b.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20241203~5d969f5a3b/ecb.blog20241203~5d969f5a3b.jpg"></div> <h5>3 December 2024</h5> <h3>Greece, Ireland, Portugal and Cyprus: Crisis and Recovery</h3> <p>At the height of the financial crisis Greece, Ireland, Portugal and Cyprus needed help. The international assistance came under the condition of economic adjustment aiming to restore financial stability, debt sustainability and growth. How did the four countries recover from their crises?</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241203~5d969f5a3b.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20241128~09c5bff32d.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20241128~09c5bff32d/ecb.blog20241128~09c5bff32d.jpg"></div> <h5>28 November 2024</h5> <h3>Financial intermediation beyond banks: taking a macroprudential approach </h3> <p>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.</p> </a> <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="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20241119~cccee738e1/ecb.blog20241119~cccee738e1.jpg"></div> <h5>19 November 2024</h5> <h3>Can our financial system support the green transition when the going gets tough?</h3> <p>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.</p> </a> <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="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog241114~6a3182c0bd.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog241114~6a3182c0bd/ecb.blog241114~6a3182c0bd.jpg"></div> <h5>14 November 2024</h5> <h3>Quantitative Tightening: How do shrinking Eurosystem bond holdings affect long-term interest rates?</h3> <p>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.</p> </a> <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="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20241112~8eff6b9405.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20241112~8eff6b9405/ecb.blog20241112~8eff6b9405.jpg"></div> <h5>12 November 2024</h5> <h3>Mind the gap: what it takes to finance a greener future</h3> <p>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.</p> </a> <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="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20241101~785751026d/ecb.blog20241101~785751026d.jpg"></div> <h5>1 November 2024</h5> <h3>The digital euro: what’s in it for you?</h3> <p>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. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.en.html" data-label="angol"> <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" data-label="német"> <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" data-label="görög"> <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" data-label="spanyol"> <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" data-label="észt"> <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" data-label="finn"> <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" data-label="francia"> <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" data-label="horvát"> <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" data-label="olasz"> <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" data-label="litván"> <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" data-label="lett"> <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" data-label="holland"> <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" data-label="portugál"> <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" data-label="szlovák"> <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" data-label="szlovén"> <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" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20241024~a31e84aa61.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20241024~a31e84aa61/ecb.blog20241024~a31e84aa61.jpg"></div> <h5>24 October 2024</h5> <h3>Cross-border deposits: growing trust in the euro area</h3> <p>People have tended to be quite hesitant to trust banks abroad. That seems to be changing. The ECB Blog shows that cross-border bank deposits of private households have picked up recently.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241024~a31e84aa61.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog241009~0cec85fd2c.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog241009~0cec85fd2c/ecb.blog241009~0cec85fd2c.jpg"></div> <h5>9 October 2024</h5> <h3>Critical inputs from China: how vulnerable are European firms to supply shortages?</h3> <p>China has been an important and reliable supplier of critical inputs for European industries for decades. But how vulnerable would our companies be if that suddenly stopped? The ECB Blog estimates the potential losses in value added for manufacturers in five countries.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog241009~0cec85fd2c.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20241003~44069e813f.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20241003~44069e813f/ecb.blog20241003~44069e813f.jpg"></div> <h5>3 October 2024</h5> <h3>Monetary policy transmission: why consumers’ housing situations matter</h3> <p>Monetary policy decisions have direct financial consequences for many consumers, especially as they influence mortgage conditions. The ECB Blog looks at how these effects differ based on consumers’ mortgage situations and why that matters for the transmission of monetary policy.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241003~44069e813f.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240925~bec0a9ffbe.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240925~bec0a9ffbe/ecb.blog20240925~bec0a9ffbe.jpg"></div> <h5>25 September 2024</h5> <h3>Delivering a soft landing: a historical perspective of monetary policy cycles</h3> <p>The job of central banks is to help the economy navigate shocks and steer inflation back to target. This ECB Blog post asks what we can learn from past monetary policy cycles about how to control inflation while achieving a soft landing of the economy.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240925~bec0a9ffbe.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240923~d859db790b.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240923~d859db790b/ecb.blog20240923~d859db790b.jpg"></div> <h5>24 September 2024</h5> <h3>Hedge funds: good or bad for market functioning?</h3> <p>Hedge funds have substantially increased their trading activity in euro area government bond and repo markets. The ECB Blog evaluates how this plays out for market functioning and intermediation.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240923~d859db790b.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240917~3e520c3ccf.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240917~3e520c3ccf/ecb.blog20240917~3e520c3ccf.jpg"></div> <h5>17 September 2024</h5> <h3>Obstacles to the greening of energy-intensive industries</h3> <p>Energy-intensive firms continue to suffer from low profits margins even as energy prices have fallen from their peak. The ECB Blog discusses implications for the green transition in the EU.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240917~3e520c3ccf.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240903~57f1b63192.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240903~57f1b63192/ecb.blog240903~57f1b63192.jpg"></div> <h5>3 September 2024</h5> <h3>Why competition with China is getting tougher than ever</h3> <p>Euro area exporters are facing tougher competition from China. But why is that? The ECB Blog looks at the important role played by price competitiveness and the ongoing industrial upgrades being made in China.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240903~57f1b63192.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240815~695092d20f.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240815~695092d20f/ecb.blog240815~695092d20f.jpg"></div> <h5>15 August 2024</h5> <h3>Rate hikes: How financial knowledge affects people’s reactions</h3> <p>How quickly do consumers react to rate hikes? The answer depends in part on how much they know about financial matters. This ECB Blog post shows that the better informed they are, the quicker their reaction.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240815~695092d20f.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240731~61a58b1e4a.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240731~61a58b1e4a/ecb.blog240731~61a58b1e4a.jpg"></div> <h5>31 July 2024</h5> <h3>How central bank communication affects the economy </h3> <p>Central banks choose their words very carefully. And rightly so – policy makers’ wording can move markets and, eventually, the economy. This ECB Blog post shows how unexpected changes in communication influence growth and inflation.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240731~61a58b1e4a.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240723~d41a28a404.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240723~d41a28a404/ecb.blog20240723~d41a28a404.jpg"></div> <h5>23 July 2024</h5> <h3>Repo markets: Understanding the effects of a declining Eurosystem market footprint</h3> <p>Repo markets are vital for banks to source liquidity and securities. They also represent an essential link in the monetary policy transmission chain. While the Eurosystem is in the process of reducing its market footprint, repo markets are going through a phase of change. The ECB Blog looks at dynamics in this market.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240723~d41a28a404.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240710~bb2bab6345.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240710~bb2bab6345/ecb.blog240710~bb2bab6345.jpg"></div> <h5>10 July 2024</h5> <h3>The geopolitics of green minerals</h3> <p>The green transition will significantly increase demand for key minerals over the coming decades. The impact on energy prices will ultimately depend on how supply adjusts. The ECB Blog looks at the geopolitical risks involved. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240710~bb2bab6345.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240704~a2363df64d.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240704~a2363df64d/ecb.blog240704~a2363df64d.jpg"></div> <h5>4 July 2024</h5> <h3>How euro area firms’ inflation expectations affect their business decisions</h3> <p>Firms’ inflation expectations are key for monetary policy makers. The ECB Blog presents new survey data on these expectations, evidence on what influences them, how they change when new information becomes available, and if they matter for the plans and choices firms make. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240704~a2363df64d.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240627~2e939aa430.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240627~2e939aa430/ecb.blog240627~2e939aa430.jpg"></div> <h5>27 June 2024</h5> <h3>Mind the gap: Europe’s strategic investment needs and how to support them</h3> <p>Europe needs trillions of euros to manage climate change, become digital and defend itself. How can EU and national policymakers support these projects? This Blog post discusses the options in times of low growth and high public debt levels. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240627~2e939aa430.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240625~78525e0d5c/ecb.blog240625~78525e0d5c.jpg"></div> <h5>25 June 2024</h5> <h3>Maintaining the freedom to choose how we pay</h3> <p>A digital euro would combine the convenience of digital payments with cash-like features. ECB Executive Board member Piero Cipollone explains how a digital euro would enhance Europeans’ freedom of choice when deciding how to pay.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.en.html" data-label="angol"> <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.blog240625~78525e0d5c.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.hr.html" data-label="horvát"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2024/html/ecb.blog240625~78525e0d5c.sv.html" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240618~d4b73f0e1a.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240618~d4b73f0e1a/ecb.blog240618~d4b73f0e1a.jpg"></div> <h5>18 June 2024</h5> <h3>How banks deal with declining excess liquidity </h3> <p>With the reduction of the Eurosystem’s balance sheet, central bank liquidity is declining. As liquidity is unevenly distributed among banks, an effective redistribution and use of market funding are essential. This worked well so far, with limited recourse to Eurosystem’s refinancing operations.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240618~d4b73f0e1a.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240613~47c255bdd4.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240613~47c255bdd4/ecb.blog240613~47c255bdd4.jpg"></div> <h5>13 June 2024</h5> <h3>Making the digital euro truly private</h3> <p>Many people appreciate privacy when paying, and want their data protected. Current electronic means of payment are not optimal in this regard. We are designing the digital euro to be the most private electronic payment option. The ECB Blog explains.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240613~47c255bdd4.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240612~10575cd172.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240612~10575cd172/ecb.blog20240612~10575cd172.jpg"></div> <h5>12 June 2024</h5> <h3>Why Europe must safeguard its global currency status</h3> <p>More reforms are needed if the euro is to maintain and strengthen its role amid geopolitical shifts. Europe needs to further develop the infrastructure for making cross-border payments in euro with key partners. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240612~10575cd172.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240608~aa46b5f2a0/ecb.blog240608~aa46b5f2a0.jpg"></div> <h5>8 June 2024</h5> <h3>Why we adjusted interest rates</h3> <p>The ECB has cut interest rates. President Christine Lagarde explains why and sets out what still needs to be done to bring inflation back to 2% over the medium term.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(16)</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="bg" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.bg.html" data-label="bolgár"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="de" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.hr.html" data-label="horvát"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2024/html/ecb.blog240608~aa46b5f2a0.sv.html" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecbblog20240523~1964e193b7.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecbblog20240523~1964e193b7/ecbblog20240523~1964e193b7.jpg"></div> <h5>23 May 2024</h5> <h3>Tracking euro area wages in exceptional times</h3> <p>Negotiated wage growth in the euro area increased in the first quarter of 2024. This post on The ECB Blog illustrates how the ECB wage tracker can help to put latest developments in negotiated wage growth into perspective.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecbblog20240523~1964e193b7.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240522~e3ec62dede.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240522~e3ec62dede/ecb.blog20240522~e3ec62dede.jpg"></div> <h5>22 May 2024</h5> <h3>The ABCs of the ECB’s reaction function</h3> <p>Why do central banks mostly give their guidance for future monetary policy in qualitative terms rather than providing a numerical formula? The ECB Blog takes a look through the lens of the “ABCs” of the ECB’s qualitative reaction function.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240522~e3ec62dede.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240515~d1ec234603.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240515~d1ec234603/ecb.blog20240515~d1ec234603.jpg"></div> <h5>15 May 2024</h5> <h3>Consumer credit: Who’s applying for loans now?</h3> <p>Despite rising interest rates, more consumers are applying for loans. This demand comes mainly from households with lower income. The ECB Blog takes a closer look into credit applications and how they affect banks’ credit standards and credit issuance to households.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240515~d1ec234603.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240506~f9c0c49ff7.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240506~f9c0c49ff7/ecb.blog20240506~f9c0c49ff7.jpg"></div> <h5>6 May 2024</h5> <h3>Low for long? Reasons for the recent decline in productivity</h3> <p>Surprisingly strong employment growth in an environment of weak economic activity has recently led to declining labour productivity in the euro area. The ECB Blog discusses causes and prospects for a cyclical recovery in productivity growth. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240506~f9c0c49ff7.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240502~aae1564b3d.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240502~aae1564b3d/ecb.blog240502~aae1564b3d.jpg"></div> <h5>2 May 2024</h5> <h3>Closing the blinds on banks’ window dressing</h3> <p>Some banks reduce balance sheet items around reporting dates. Such “window dressing” camouflages the true risks of a bank, impairs markets as well as bank resilience and supervision. The ECB Blog looks at how regulators and supervisors are taking action. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240502~aae1564b3d.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg"></div> <h5>18 April 2024</h5> <h3>Improved data: how climate change impacts banks</h3> <p>We updated our data on the impact of climate change on the financial system. How green are green bonds and banks’ loan portfolios? How strongly could they be affected by natural hazards? The ECB Blog discusses these and other new insights from the data. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240403~f3e74210a9.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240403~f3e74210a9/ecb.blog20240403~f3e74210a9.jpg"></div> <h5>3 April 2024</h5> <h3>Fiscal and monetary policy: debating optimal interactions</h3> <p>Governments and central banks can shield the economy from shocks with their decisions. The ECB Blog looks at a recent high-level conference that analysed the interaction of fiscal and monetary policy and questioned some long-held beliefs. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240403~f3e74210a9.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240322~54dcd060b1.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240322~54dcd060b1/ecb.blog20240322~54dcd060b1.jpg"></div> <h5>22 March 2024</h5> <h3>Who buys bonds now? How markets deal with a smaller Eurosystem balance sheet</h3> <p>The Eurosystem is shrinking its balance sheet, which makes more government bonds available for purchase. The ECB Blog looks at how markets are adjusting to this new situation with regard to bond price volatility, liquidity and the impact on repo markets. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240322~54dcd060b1.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240314~996541887f.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240314~996541887f/ecb.blog240314~996541887f.jpg"></div> <h5>14 March 2024</h5> <h3>The “art” of central banking on screen</h3> <p>Central banks have been collecting art for a long time. While the works were previously only accessible at their physical locations, more and more central banks now make their collections available online. The ECB Blog showcases four collections you can enjoy from wherever you are.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240314~996541887f.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240311~968c707650.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240311~968c707650/ecb.blog240311~968c707650.jpg"></div> <h5>11 March 2024</h5> <h3>The 2021-2022 inflation surges and monetary policy in the euro area</h3> <p>In 2021-22 inflation surged due to the direct and indirect effects of the energy shock, together with a set of pandemic-related factors and the Russian invasion of Ukraine. In this post on The ECB Blog, Chief Economist Philip R. Lane looks at the monetary policy actions taken by the ECB in response to these extraordinary inflation shocks.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240311~968c707650.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240222~0929f86e23.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240222~0929f86e23/ecb.blog20240222~0929f86e23.jpg"></div> <h5>22 February 2024</h5> <h3>ETF approval for bitcoin – the naked emperor’s new clothes </h3> <p>Bitcoin has failed on the promise to be a global decentralised digital currency. Instead it is used for illicit transactions. The latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an investment.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240222~0929f86e23.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240219~ccb1e8320e.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240219~ccb1e8320e/ecb.blog20240219~ccb1e8320e.jpg"></div> <h5>19 February 2024</h5> <h3>Digital euro: Debunking banks’ fears about losing deposits</h3> <p>Many banks worry their customers might withdraw deposits to hold digital euro instead. These fears are misplaced: a digital euro will be designed as a means of payment and not for investment, argue ECB Executive Board member Piero Cipollone, Ulrich Bindseil and Jürgen Schaaf. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240219~ccb1e8320e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240213~f7a429c230.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240213~f7a429c230/ecb.blog20240213~f7a429c230.jpg"></div> <h5>13 February 2024</h5> <h3>The dynamics of PEPP reinvestments</h3> <p>When reading data on reinvestments under the pandemic emergency purchase programme (PEPP) one needs to understand how we implement purchases. Director General Market Operations Imène Rahmouni-Rousseau and Executive Board member Isabel Schnabel explain how to avoid pitfalls.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240213~f7a429c230.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240208~6b987d0cf3.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240208~6b987d0cf3/ecb.blog240208~6b987d0cf3.jpg"></div> <h5>8 February 2024</h5> <h3>Added Scope: Eurosystem accepts a fifth rating agency</h3> <p>The Eurosystem has accepted Scope as a new rating agency alongside Fitch, Moody's, S&P and DBRS. This has a number of implications, including a wider range of credit opinions and expertise being considered for monetary policy purposes. The ECB Blog explains.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240208~6b987d0cf3.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog20240129~cc10e6c0b4.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog20240129~cc10e6c0b4/ecb.blog20240129~cc10e6c0b4.jpg"></div> <h5>29 January 2024</h5> <h3>Learning from crises: our new framework for euro liquidity lines</h3> <p>The ECB can lend euro to non-euro area central banks to reduce the risk of financial stress spilling over to the euro area. Piero Cipollone, Philip Lane and Isabel Schnabel explain how we have made such liquidity lines more effective and agile. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20240129~cc10e6c0b4.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2024/html/ecb.blog240110~4901f29da7.en.html" data-label="angol"> <div data-image="/press/blog/date/2024/html//ecb.blog240110~4901f29da7/ecb.blog240110~4901f29da7.jpg"></div> <h5>10 January 2024</h5> <h3>Inflation in the eastern euro area: reasons and risks</h3> <p>Within the euro area, countries in central and eastern Europe have recently experienced the highest inflation rates. But why, exactly? The ECB Blog looks at the reasons for these higher prices and highlights the resulting risks and vulnerabilities.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog240110~4901f29da7.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.en.html"> <div data-image="/press/blog/date/2023/html//ecb.blog231230~23675beac3/ecb.blog231230~23675beac3.jpg"></div> <h5>30 December 2023</h5> <h3>Euro at 25: the value of unity in a changing world </h3> <p>25 years ago, on 1 January 1999, the euro came into force as the single currency for 11 EU Member States. It now serves the economy and eases life for 350 million people in 20 countries.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(23)</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="bg" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.da.html"> <span class="ecb-full">Dansk</span><span class="ecb-short">DA</span></a><a lang="de" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="ga" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.ga.html"> <span class="ecb-full">Gaeilge</span><span class="ecb-short">GA</span></a><a lang="hr" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="hu" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.hu.html"> <span class="ecb-full">Magyar</span><span class="ecb-short">HU</span></a><a lang="it" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="mt" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.mt.html"> <span class="ecb-full">Malti</span><span class="ecb-short">MT</span></a><a lang="nl" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2023/html/ecb.blog231230~23675beac3.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231218~6291e67d1e.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231218~6291e67d1e/ecb.blog231218~6291e67d1e.jpg"></div> <h5>18 December 2023</h5> <h3>The price of inaction: what a hotter climate means for monetary policy</h3> <p>The ECB’s primary mandate is to maintain price stability. So why do we talk so much about climate change? In this post on The ECB Blog, we show how a hotter climate affects prices and the economy and discuss how this impacts the task of central banks. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231218~6291e67d1e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231212~368bdddd2b.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231212~368bdddd2b/ecb.blog231212~368bdddd2b.jpg"></div> <h5>12 December 2023</h5> <h3>Climate risks, the macroprudential view</h3> <p>Climate change can endanger financial stability. The ECB Blog looks at how a common macroprudential policy framework could complement microprudential initiatives to make the financial system more resilient. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231212~368bdddd2b.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231206~fecd1d1634.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231206~fecd1d1634/ecb.blog231206~fecd1d1634.jpg"></div> <h5>6 December 2023</h5> <h3>Green lending: do banks walk the talk?</h3> <p>Banks are talking more about the environment. But does such talk go hand in hand with greener lending? The ECB Blog finds a disconnect: banks talking more about their environmental policies and goals tend to lend more to brown industries.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231206~fecd1d1634.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231204~10971cb7d9.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231204~10971cb7d9/ecb.blog231204~10971cb7d9.jpg"></div> <h5>4 December 2023</h5> <h3>Climate scenarios: procrastination comes at high cost </h3> <p>Policy makers around the world need to move faster to reach net zero emissions by 2050. Latest scenarios are alarming as the foreseeable impact of climate change is worse than previously projected. This ECB Blog post discusses the risks of further delaying the green transition. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231204~10971cb7d9.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231129~716221bc5e.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231129~716221bc5e/ecb.blog231129~716221bc5e.jpg"></div> <h5>29 November 2023</h5> <h3>Too leveraged to reduce emissions?</h3> <p>European firms need to invest in new technologies to reach carbon neutrality by 2050. This often requires them to take on debt. But what if a company is already highly leveraged? The ECB Blog looks at the relationship between firms’ indebtedness and their success in reducing emissions.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231129~716221bc5e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.en.html"> <div data-image="/press/blog/date/2023/html//ecb.blog231124~2277034ee2/ecb.blog231124~2277034ee2.jpg"></div> <h5>24 November 2023</h5> <h3>Now is the time to climate-proof Europe’s economy</h3> <p>Europe must push the green transition forward if it wants to remain competitive in the world. New technologies and green energy aren’t just better for the environment, they also make good economic sense. To be successful, however, the transition needs to be just and inclusive.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(21)</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="bg" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.da.html"> <span class="ecb-full">Dansk</span><span class="ecb-short">DA</span></a><a lang="de" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="hu" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.hu.html"> <span class="ecb-full">Magyar</span><span class="ecb-short">HU</span></a><a lang="it" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2023/html/ecb.blog231124~2277034ee2.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231123~3462bc66fc.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231123~3462bc66fc/ecb.blog231123~3462bc66fc.jpg"></div> <h5>23 November 2023</h5> <h3>Fiscal policy to the rescue: How governments shielded households from inflation</h3> <p>With rising inflation, people need more money to buy the same amount of goods. Governments can take measures to counteract this negative effect. The ECB Blog finds that recent euro area policies to support households were successful at first – but also very costly. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231123~3462bc66fc.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231115~4250d6401a.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231115~4250d6401a/ecb.blog231115~4250d6401a.jpg"></div> <h5>15 November 2023</h5> <h3>Who asks what at the ECB press conference </h3> <p>When given the chance, what do media ask the ECB about? You might think journalists focus purely on core monetary policy topics, but the reality is more varied, and who is asking plays a role. Here is what we find, and why it matters for the central bank.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231115~4250d6401a.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231108~8a96e44be0.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231108~8a96e44be0/ecb.blog231108~8a96e44be0.jpg"></div> <h5>8 November 2023</h5> <h3>Record labour participation: workforce gets older, better educated and more female</h3> <p>More people than ever are in a job or are looking for one – labour force participation in the euro area is at an all-time high. This week, The ECB Blog looks at who the new workers are and discusses changes in labour force demographics over the last two decades.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231108~8a96e44be0.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231102~66a04caa1e.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231102~66a04caa1e/ecb.blog231102~66a04caa1e.jpg"></div> <h5>2 November 2023</h5> <h3>Excess savings: To spend or not to spend </h3> <p>During the pandemic many people put more money aside than usual. So what is happening with these additional funds? The ECB Blog looks at which households built up excess savings and how they are using the money. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231102~66a04caa1e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231031~85a4bcdee0.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231031~85a4bcdee0/ecb.blog231031~85a4bcdee0.jpg"></div> <h5>31 October 2023</h5> <h3>Extending the benefits of digital technologies to cross-border payments</h3> <p>Making cross-border payments cheaper, faster, and easily accessible would bring huge benefits to businesses and households alike, especially in emerging markets and developing economies. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231031~85a4bcdee0.en.html" data-label="angol"> <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="it" href="/press/blog/date/2023/html/ecb.blog231031~85a4bcdee0.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog231011~b743839ce4.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog231011~b743839ce4/ecb.blog231011~b743839ce4.jpg"></div> <h5>11 October 2023</h5> <h3>The euro area needs better structural policies to support income, employment and fairness</h3> <p>The euro area economy has recovered swiftly from the pandemic, supply bottlenecks and the energy price shock. But there is no room for complacency. Structural weaknesses are still a brake on income and productivity growth. Governments need to implement reforms to make European economies stronger and promote social fairness. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog231011~b743839ce4.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230928~3f76d57cce.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230928~3f76d57cce/ecb.blog230928~3f76d57cce.jpg"></div> <h5>28 September 2023</h5> <h3>Careful embrace: AI and the ECB </h3> <p>From playing chess to piloting drones – machines have become much smarter and play a role in many areas of our lives. So why not use artificial intelligence for central banking? We are currently using this new technology for some tasks and exploring its future use for others. The ECB Blog gives you an overview. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230928~3f76d57cce.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230906~8ab6e40722.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230906~8ab6e40722/ecb.blog230906~8ab6e40722.jpg"></div> <h5>6 September 2023</h5> <h3>Need for speed on the Road to Paris </h3> <p>Moving towards carbon neutrality as quickly and boldly as possible is by far the best way to slow down climate change. It may take more effort in the short run, but in the long run it will cost less overall, says ECB Vice-President Luis de Guindos. We need to reach carbon neutrality to avoid existential risks to nature, people and our economies. And we need to start making changes soon. Procrastinating may be easier and less costly today, but means we will pay a higher price tomorrow: the damage to our environment and economies from rising temperatures will be much more severe. In fact, the sooner and faster we complete the necessary green transition, the lower the overall costs and risks. This is one of the main outcomes of our second economy-wide climate stress test. Let me talk you through the findings. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230906~8ab6e40722.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230830~cfe3be0960.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230830~cfe3be0960/ecb.blog230830~cfe3be0960.jpg"></div> <h5>30 August 2023</h5> <h3>Europe needs to think bigger to build its capital markets union </h3> <p>With rising geopolitical tensions and urgent global challenges such as the climate and digital transitions, Europe needs to bolster its resilience to shocks and invest strategically. In order to achieve this, we need to work together, as a more integrated Europe is better positioned to realize shared goals in a fragmented global economy. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230830~cfe3be0960.en.html" data-label="angol"> <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="it" href="/press/blog/date/2023/html/ecb.blog230830~cfe3be0960.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230824~362178a805.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230824~362178a805/ecb.blog230824~362178a805.jpg"></div> <h5>24 August 2023</h5> <h3>What makes a good banknote? </h3> <p>Our money needs to be easy to handle, appealing and difficult to counterfeit. This ECB Blog post talks you through good banknote design – and seeks your advice. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230824~362178a805.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230809~f101598a82.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230809~f101598a82/ecb.blog230809~f101598a82.jpg"></div> <h5>9 August 2023</h5> <h3>How words guide markets: measuring monetary policy communication </h3> <p>Words matter as much as actions for central banks. Because changes in tone can presage shifts in monetary policy. We have created an index to measure and compare the tone of policy communication by the ECB and the US Fed. This ECB Blog post talks you through the findings.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230809~f101598a82.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230802~5c22c72b25.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230802~5c22c72b25/ecb.blog230802~5c22c72b25.jpg"></div> <h5>2 August 2023</h5> <h3>Banks need to maintain capital buffers to preserve resilience</h3> <p>Policymakers should focus on preserving bank resilience to strengthen macroprudential stability at a time of economic uncertainty. This would ensure that sufficient capital buffers are available should widespread losses arise, argues ECB Vice-President Luis de Guindos. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230802~5c22c72b25.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230712~085871737a.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230712~085871737a/ecb.blog230712~085871737a.jpg"></div> <h5>12 July 2023</h5> <h3>Deglobalisation: risk or reality?</h3> <p>After decades of being both hero and villain, globalisation is said to be on the retreat. There is a common perception that companies are diversifying supply chains and relocating business closer to home. So, are we heading towards deglobalisation? We dig deeper and find that the data tell a different story.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230712~085871737a.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230705~d16c61381c.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230705~d16c61381c/ecb.blog230705~d16c61381c.jpg"></div> <h5>5 July 2023</h5> <h3>Why we need models to make projections</h3> <p>Central banks need to look ahead to make good decisions. Since we lack a crystal ball, economic models are the best tool available. They provide a test environment to craft and think through different scenarios. This ECB Blog post provides an overview of why, and how, we do this. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230705~d16c61381c.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230628~140c43d2f3/ecb.blog230628~140c43d2f3.jpg"></div> <h5>28 June 2023</h5> <h3>Why Europe needs a digital euro</h3> <p>Contribution by Fabio Panetta, Member of the Executive Board of the ECB, and Valdis Dombrovskis, Executive Vice-President of the European Commission</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.en.html" data-label="angol"> <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/2023/html/ecb.blog230628~140c43d2f3.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.hr.html" data-label="horvát"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2023/html/ecb.blog230628~140c43d2f3.sv.html" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230621~3c2f72aa70.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230621~3c2f72aa70/ecb.blog230621~3c2f72aa70.jpg"></div> <h5>21 June 2023</h5> <h3>More digital, more productive? Evidence from European firms</h3> <p>Digitalisation has boosted some European firms’ productivity, but many are still on the digital sidelines. That is a pity as faster digital adoption could make our economies much more productive. This ECB Blog post looks at where and how digitalisation can be a gamechanger.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230621~3c2f72aa70.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230608~5cffb7c349.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230608~5cffb7c349/ecb.blog230608~5cffb7c349.jpg"></div> <h5>8 June 2023</h5> <h3>The economy and banks need nature to survive</h3> <p>Humanity needs nature to survive, and so do the economy and banks. The more species become extinct, the less diverse are the ecosystems on which we rely. This presents a growing financial risk that cannot be ignored, warns Frank Elderson, member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230608~5cffb7c349.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230607~9d31b379c8.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230607~9d31b379c8/ecb.blog230607~9d31b379c8.jpg"></div> <h5>7 June 2023</h5> <h3>More jobs but fewer working hours </h3> <p>Unemployment has declined since the peak of the pandemic in August 2020, hitting a record low this April. But while more people have jobs, they are working fewer hours on average. In this post for The ECB Blog we shed light on this dichotomy and why it matters for the overall strength of the labour market. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230607~9d31b379c8.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230601~529f371a98.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230601~529f371a98/ecb.blog230601~529f371a98.jpg"></div> <h5>1 June 2023</h5> <h3>Stop carbon leakage at the border </h3> <p>Can EU companies be both green and globally competitive? Tradeable allowances for carbon emissions set important price incentives for companies to become greener. Unfortunately, evidence shows that many companies move carbon intensive production to other regions, meaning their emissions leak abroad. This ECB Blog post investigates how the EU can strike a balance between green goals and competitiveness.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230601~529f371a98.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230525~4a51965f26.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230525~4a51965f26/ecb.blog.230525~4a51965f26.jpg"></div> <h5>25 May 2023</h5> <h3>How will higher carbon prices affect growth and inflation?</h3> <p>Carbon pricing is a central instrument in the EU’s fight against climate change, but it will also affect our economies. In this post on The ECB Blog, we use macroeconomic models to look at what higher prices for carbon emissions will do to growth and inflation. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230525~4a51965f26.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.en.html"> <div data-image="/press/blog/date/2023/html//ecb.blog.230524~ed0f2638c1/ecb.blog.230524~ed0f2638c1.jpg"></div> <h5>24 May 2023</h5> <h3>25 years of euro unity </h3> <p>The euro is more than a currency, says President Christine Lagarde. It is the strongest form of European integration and stands for a united Europe that works together, protecting and benefiting all its citizens. The ECB, with its commitment to price stability, will always be a cornerstone of that effort.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(23)</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="bg" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.da.html"> <span class="ecb-full">Dansk</span><span class="ecb-short">DA</span></a><a lang="de" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="ga" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.ga.html"> <span class="ecb-full">Gaeilge</span><span class="ecb-short">GA</span></a><a lang="hr" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="hu" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.hu.html"> <span class="ecb-full">Magyar</span><span class="ecb-short">HU</span></a><a lang="it" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="mt" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.mt.html"> <span class="ecb-full">Malti</span><span class="ecb-short">MT</span></a><a lang="nl" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230519~795de9b929.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230519~795de9b929/ecb.blog.230519~795de9b929.jpg"></div> <h5>19 May 2023</h5> <h3>Anonymous Eurosystem leaks – minor nuisance or major problem?</h3> <p>At times, media reports on ECB monetary policy refer to information from unidentified Eurosystem sources. This ECB Blog post takes a closer look at such leaks. They tend to go against prevailing trends in short-term rates and can trigger major market reactions even though they are not generally informative about upcoming decisions.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230519~795de9b929.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230509~5e2a550f74.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230509~5e2a550f74/ecb.blog.230509~5e2a550f74.jpg"></div> <h5>9 May 2023</h5> <h3>Diversity at the top makes banks better</h3> <p>Diversity is a matter of sound governance for banks and leads to better decision-making. That is why Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, and Elizabeth McCaul, Member of the Supervisory Board of the ECB, are encouraging banks to improve the diversity of their boards. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230509~5e2a550f74.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230424~4cdc3a38ba.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230424~4cdc3a38ba/ecb.blog.230424~4cdc3a38ba.jpg"></div> <h5>24 April 2023</h5> <h3>What to do about Europe’s climate insurance gap </h3> <p>The EU has a problem with climate catastrophe insurance: only a quarter of the losses from climate-related disasters are covered. Greater coverage could reduce the economic damage that results from them. This joint ECB-EIOPA post for The ECB Blog looks at ways to make this happen.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230424~4cdc3a38ba.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230419~5eaa4a67e7.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230419~5eaa4a67e7/ecb.blog.230419~5eaa4a67e7.jpg"></div> <h5>19 April 2023</h5> <h3>Welcoming Croatia to the family: what’s changed at the ECB?</h3> <p>Croatia officially joined the euro area on 1 January. A previous blog post discussed the many changes this heralded for the country. But the new arrival also changed certain aspects of how things work at the ECB, as shown in this ECB Blog post. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230419~5eaa4a67e7.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230412~1d6e657dd5.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230412~1d6e657dd5/ecb.blog.230412~1d6e657dd5.jpg"></div> <h5>12 April 2023</h5> <h3>A year of international trade diversion shaped by war, sanctions, and boycotts</h3> <p>Sanctions and voluntary boycotts have forced Russia to change its international trade since its invasion of Ukraine. The country has reoriented towards the east, away from Europe. This ECB Blog post sheds light on these shifts. It is the third entry in a series about the economic effects of the war.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230412~1d6e657dd5.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230330~00e522ecb5.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230330~00e522ecb5/ecb.blog.230330~00e522ecb5.jpg"></div> <h5>30 March 2023</h5> <h3>How tit-for-tat inflation can make everyone poorer</h3> <p>High energy prices have dented real incomes. How to allocate these losses is at the heart of recent negotiations between firms and workers. If both sides try to unilaterally offset any real income losses, this could trigger successive wage and price increases, and create risks of an upward spiral that could make everyone poorer.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230330~00e522ecb5.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230329~ec0166ef99.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230329~ec0166ef99/ecb.blog.230329~ec0166ef99.jpg"></div> <h5>29 March 2023</h5> <h3>A problem shared is a problem halved – the benefits of private and public risk sharing</h3> <p>What is the best way to absorb economic shocks? Some approaches favour private risk sharing, others, public risk sharing. In this ECB Blog post we argue that a combination of both offers the best protection for European citizens against poor economic performance.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230329~ec0166ef99.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230324~f417b719fd.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230324~f417b719fd/ecb.blog.230324~f417b719fd.jpg"></div> <h5>24 March 2023</h5> <h3>How green is our balance sheet?</h3> <p>The ECB is for the first time disclosing the carbon footprint of its own investment portfolios and the Eurosystem’s corporate sector holdings. Executive Board members Frank Elderson and Isabel Schnabel explain the progress made and the next steps needed to decarbonise the portfolios of the ECB and the Eurosystem.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230324~f417b719fd.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.en.html"> <div data-image="/press/blog/date/2023/html//ecb.blog.230309~addaac5e08/ecb.blog.230309~addaac5e08.jpg"></div> <h5>9 March 2023</h5> <h3>Channelling Europe's savings into growth</h3> <p>Europe must speed up its green and digital transition. For that, we need to complete the Capital Markets Union to provide effective financing. This is the plea made by the five Presidents of the ECB, EIB, European Council, European Commission and Eurogroup in a joint post.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(23)</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="bg" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.da.html"> <span class="ecb-full">Dansk</span><span class="ecb-short">DA</span></a><a lang="de" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="ga" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.ga.html"> <span class="ecb-full">Gaeilge</span><span class="ecb-short">GA</span></a><a lang="hr" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="hu" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.hu.html"> <span class="ecb-full">Magyar</span><span class="ecb-short">HU</span></a><a lang="it" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="mt" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.mt.html"> <span class="ecb-full">Malti</span><span class="ecb-short">MT</span></a><a lang="nl" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2023/html/ecb.blog.230309~addaac5e08.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230307~1669dec988.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230307~1669dec988/ecb.blog.230307~1669dec988.jpg"></div> <h5>7 March 2023</h5> <h3>Has the euro changeover really caused extra inflation in Croatia?</h3> <p>Croatian consumers have expressed concerns about price increases related to the euro changeover. Preliminary evidence presented in this ECB blog post shows that the changeover from kuna to euro has so far had relatively little impact on Croatian consumer prices and price perceptions.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230307~1669dec988.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230301~3bb24371c8.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230301~3bb24371c8/ecb.blog.230301~3bb24371c8.jpg"></div> <h5>1 March 2023</h5> <h3>Integrating Ukrainian refugees into the euro area labour market</h3> <p>Millions of Ukrainians were displaced by Russia’s unjustified war and have found refuge in the euro area. Many refugees want to work and thus increase the euro area labour force. This ECB Blog post updates previous calculations by considering novel information on the whereabouts and demographics of Ukrainian refugees.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230301~3bb24371c8.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog20230224~3b75362af3.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog20230224~3b75362af3/ecb.blog20230224~3b75362af3.jpg"></div> <h5>24 February 2023</h5> <h3>One year since Russia’s invasion of Ukraine – the effects on euro area inflation</h3> <p>Russia’s unjustified war against Ukraine and its people is first and foremost a human tragedy. It is also having an economic impact on Ukraine and beyond. This ECB Blog post – the first in a series about the economic effects of the war – focuses on inflation in the euro area.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog20230224~3b75362af3.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog.230215~4aad7004cf.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog.230215~4aad7004cf/ecb.blog.230215~4aad7004cf.jpg"></div> <h5>15 February 2023</h5> <h3>The opportunity Europe should not waste</h3> <p>Do the NextGenerationEU funds hold up to their promise to make Europe’s economies stronger and more resilient? Two years into the lifetime of the programme, this ECB Blog post assesses where governments stand and what risks there are for implementation.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog.230215~4aad7004cf.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230206~1ea270a762.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230206~1ea270a762/ecb.blog230206~1ea270a762.jpg"></div> <h5>6 February 2023</h5> <h3>Cash or cashless? How people pay</h3> <p>The ECB has asked people in the euro area how they pay and which payment methods they prefer. The ECB Blog discusses our survey findings and what they mean for the future of cash and digital means of payment.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230206~1ea270a762.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.en.html"> <div data-image="/press/blog/date/2023/html//ecb.blog230127~2a7532aec9/ecb.blog230127~2a7532aec9.jpg"></div> <h5>27 January 2023</h5> <h3>Remembering the Holocaust: we owe it to the victims and to ourselves</h3> <p>The ECB’s main building in Frankfurt stands on a site linked to the atrocities of the Holocaust. On International Holocaust Remembrance Day, we affirm that tyranny and state injustice must never again prevail. Building European unity is a cornerstone of this commitment. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(23)</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="bg" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.da.html"> <span class="ecb-full">Dansk</span><span class="ecb-short">DA</span></a><a lang="de" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="ga" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.ga.html"> <span class="ecb-full">Gaeilge</span><span class="ecb-short">GA</span></a><a lang="hr" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="hu" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.hu.html"> <span class="ecb-full">Magyar</span><span class="ecb-short">HU</span></a><a lang="it" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="mt" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.mt.html"> <span class="ecb-full">Malti</span><span class="ecb-short">MT</span></a><a lang="nl" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2023/html/ecb.blog230127~2a7532aec9.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230118~0eb37005b7.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230118~0eb37005b7/ecb.blog230118~0eb37005b7.jpg"></div> <h5>18 January 2023</h5> <h3>How high corporate debt stifles investment</h3> <p>Hit by multiple shocks, the corporate sector has increased its debt over recent years. The ECB Blog shows that strained balance sheets could significantly depress firms’ investment in the coming years with negative implications for innovation and growth. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230118~0eb37005b7.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230105~75d5aee900.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230105~75d5aee900/ecb.blog230105~75d5aee900.jpg"></div> <h5>5 January 2023</h5> <h3>Caveat emptor does not apply to crypto </h3> <p>Trading in unbacked digital assets should be treated by regulators like gambling. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230105~75d5aee900.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2023/html/ecb.blog230104~7aa6afd8fb.en.html" data-label="angol"> <div data-image="/press/blog/date/2023/html//ecb.blog230104~7aa6afd8fb/ecb.blog230104~7aa6afd8fb.jpg"></div> <h5>4 January 2023</h5> <h3>Fiscal policy: from free to affordable lunch</h3> <p>Borrowing has become more expensive for governments. But despite rising interest rates, government debt can remain on a sound path. The ECB Blog discusses what constitutes a favourable balance between debt costs and economic growth. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2023/html/ecb.blog230104~7aa6afd8fb.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221220~c6210e3f0b.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221220~c6210e3f0b/ecb.blog221220~c6210e3f0b.jpg"></div> <h5>20 December 2022</h5> <h3>Are banks ready to weather rising interest rates?</h3> <p>The ECB has gauged bank resilience to interest rate shocks under different macroeconomic scenarios. ECB Vice-President Luis de Guindos and Chair of the ECB’s Supervisory Board Andrea Enria walk us through the findings.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221220~c6210e3f0b.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221130~5301eecd19/ecb.blog221130~5301eecd19.jpg"></div> <h5>30 November 2022</h5> <h3>Bitcoin’s last stand</h3> <p>Amid the widespread fallout in crypto markets following the collapse of a major crypto exchange, The ECB Blog takes a look at where we stand with Bitcoin. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221125~d34babdf3e.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221125~d34babdf3e/ecb.blog221125~d34babdf3e.jpg"></div> <h5>25 November 2022</h5> <h3>Inflation Diagnostics</h3> <p>Identifying the medium-term inflation path in the current environment of high inflation, ongoing energy and pandemic-related shocks and the Russian invasion of Ukraine is a diagnostic challenge. In his ECB Blog post Philip R. Lane, Member of the ECB’s Executive Board, describes some of the key analytical issues involved.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221125~d34babdf3e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221118~e416e71aba.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221118~e416e71aba/ecb.blog221118~e416e71aba.jpg"></div> <h5>18 November 2022</h5> <h3>From “orderly transition” to “hot house world” – how climate scenarios can facilitate action</h3> <p>A shared understanding of how climate change affects the economy can be the basis for global action. To help inform and guide policy across the globe central bankers and supervisors have developed climate scenarios. This is the final post in a series on the occasion of COP27. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221118~e416e71aba.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221115~cc6d23739c.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221115~cc6d23739c/ecb.blog221115~cc6d23739c.jpg"></div> <h5>15 November 2022</h5> <h3>Can Europe be a green innovation leader?</h3> <p>Europe is punching below its weight in the climate-technology competition. The continent needs to facilitate risk capital markets and to invest more in research and development. This is the 4th post in a series of climate-related entries on the occasion of COP27. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221115~cc6d23739c.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221109~6ad307c8cf.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221109~6ad307c8cf/ecb.blog221109~6ad307c8cf.jpg"></div> <h5>9 November 2022</h5> <h3>Turning down the heat: how the green transition supports price stability</h3> <p>We need to intensify the greening of our economies despite the energy crisis. Hastening the process will reduce the costs of transition and help to ensure price stability in the long run. This is the third post in a series of climate-related entries on the occasion of COP27. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221109~6ad307c8cf.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221107~1dd017c80d.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221107~1dd017c80d/ecb.blog221107~1dd017c80d.jpg"></div> <h5>7 November 2022</h5> <h3>Painting the bigger picture: keeping climate change on the agenda</h3> <p>If we do not account for the impact of climate change on our economy, we risk missing a crucial part in our work to keep prices stable, argues Christine Lagarde in the ECB Blog. This is the second entry in a series of climate related entries on the occasion of COP27. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221107~1dd017c80d.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221104~34240c3770.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221104~34240c3770/ecb.blog221104~34240c3770.jpg"></div> <h5>4 November 2022</h5> <h3>Strong rules, strong banks: let’s stick to our commitments</h3> <p>We need strong rules for strong banks. Basel III has what it takes. But planned EU laws might fall behind international standards, write ECB Vice-President Luis de Guindos, ECB Supervisory Chair Andrea Enria and EBA Chairperson José Manuel Campa in a joint Blog post.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221104~34240c3770.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221102~7599e5851e.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221102~7599e5851e/ecb.blog221102~7599e5851e.jpg"></div> <h5>2 November 2022</h5> <h3>Banks need to be climate change proof</h3> <p>Banks must adapt the way they do business to account for climate-related and environmental risks. The ECB Blog takes a fresh look at their progress and the road ahead. This is the first post in a series of climate-related entries on the occasion of COP27. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221102~7599e5851e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221019~f886f3680f.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221019~f886f3680f/ecb.blog221019~f886f3680f.jpg"></div> <h5>19 October 2022</h5> <h3>Which workers are most affected by changes in the policy rate?</h3> <p>The ECB Blog investigates how change in the policy rate affects wages very differently depending on characteristics of employees and firms, such as firms’ size and their access to credit. Results show that the effects are symmetric during times of easing and tightening. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221019~f886f3680f.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog221013~49c1c90896.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog221013~49c1c90896/ecb.blog221013~49c1c90896.jpg"></div> <h5>13 October 2022</h5> <h3>A plain-speaking central bank: contradiction in terms?</h3> <p>Communication is a tool that helps central banks in preserving price stability. But are central banks clear enough and properly understood? On International Plain Language Day, we look at where the ECB stands in its efforts to communicate clearly and accessibly. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221013~49c1c90896.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220928~a4845ecd8c.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220928~a4845ecd8c/ecb.blog220928~a4845ecd8c.jpg"></div> <h5>28 September 2022</h5> <h3>How do markets respond to war and geopolitics?</h3> <p>Russia’s unprovoked invasion of Ukraine marks the return of geopolitical risk to Europe. Here the ECB blog looks at how global stock markets reacted to this risk and what role time and distance have played.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220928~a4845ecd8c.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220914~3b10d6ddb8.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220914~3b10d6ddb8/ecb.blog220914~3b10d6ddb8.jpg"></div> <h5>14 September 2022</h5> <h3>What drives inflation expectations of women and men?</h3> <p>Women and men shop differently and have different perceptions of prices and inflation. This ECB Blog post examines how inflation expectations are formed and revised across gender and why that matters for central banks.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220914~3b10d6ddb8.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220824~3262248a2e.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220824~3262248a2e/ecb.blog220824~3262248a2e.jpg"></div> <h5>24 August 2022</h5> <h3>Can the ECB gain credibility by explaining its strategy?</h3> <p>Communication with the general public matters for monetary policy. Although it is hard for central banks to reach out to the wider public, a recent study shows that explaining the inflation target and the ECB strategy to consumers can enhance its credibility.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220824~3262248a2e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220810~78357be60b.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220810~78357be60b/ecb.blog220810~78357be60b.jpg"></div> <h5>10 August 2022</h5> <h3>The ECB’s new inflation target one year on</h3> <p>As part of our monetary policy strategy review we adopted a new symmetric 2% inflation target. One year on, we examine how the strategy review has helped anchor financial analysts’ inflation expectations. We also show that recent policy normalisation is grounded in our strategy.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220810~78357be60b.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220728~63cff48db0.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220728~63cff48db0/ecb.blog220728~63cff48db0.jpg"></div> <h5>28 July 2022</h5> <h3>Rich non-immigrants and poor immigrants? Why it matters for monetary policy</h3> <p>Non-immigrants in the euro area are on average better off than immigrants in terms of wages and wealth. These differences can cause immigrants to react differently to economic shocks and changing financial conditions. As economic inequality matters for monetary policy transmission, the ECB Blog takes a closer look. </p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220728~63cff48db0.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220723~c2b1d4b654/ecb.blog220723~c2b1d4b654.jpg"></div> <h5>23 July 2022</h5> <h3>Ensuring price stability</h3> <p>Raising interest rates is a landmark moment on our journey towards lower inflation, writes President Christine Lagarde in The ECB Blog.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.en.html" data-label="angol"> <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="bg" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.bg.html" data-label="bolgár"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="de" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.hr.html" data-label="horvát"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220713~34e21c3240.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220713~34e21c3240/ecb.blog220713~34e21c3240.jpg"></div> <h5>13 July 2022</h5> <h3>Key objectives of the digital euro</h3> <p>It is our responsibility to preserve the integrity of the monetary and payment systems, write President Christine Lagarde and Executive Board member Fabio Panetta. A digital euro could play a decisive role in this endeavour.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220713~34e21c3240.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220708~1c7076c7b1/ecb.blog220708~1c7076c7b1.jpg"></div> <h5>8 July 2022</h5> <h3>A catalyst for greening the financial system </h3> <p>The ECB is reducing the carbon footprint in its portfolio and pushing banks to better manage climate risks. Within our mandate, we incorporate climate change considerations into our monetary policy and banking supervision, say Frank Elderson and Isabel Schnabel.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(16)</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="bg" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.bg.html" data-label="bolgár"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="de" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.hr.html" data-label="horvát"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2022/html/ecb.blog220708~1c7076c7b1.sv.html" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220523~1f44a9e916.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220523~1f44a9e916/ecb.blog220523~1f44a9e916.jpg"></div> <h5>23 May 2022</h5> <h3>Monetary policy normalisation in the euro area</h3> <p>As the expected date of interest rate lift-off draws closer, it gets more important to clarify the path of policy normalisation ahead of us – especially given the complex environment that monetary policy in the euro area is facing, says President Christine Lagarde in The ECB Blog.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220523~1f44a9e916.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2022/html/ecb.blog220210~1590dd90d6.en.html" data-label="angol"> <div data-image="/press/blog/date/2022/html//ecb.blog220210~1590dd90d6/ecb.blog220210~1590dd90d6.jpg"></div> <h5>10 February 2022</h5> <h3>Bottlenecks and monetary policy</h3> <p>Looking at inflation dynamics, the relative price dislocations associated with bottlenecks are intrinsically short-term, Chief Economist Philip R. Lane writes in The ECB Blog. An increase in the relative price for a scarce item will stimulate new supply, while cooling demand.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220210~1590dd90d6.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog211231~a0cfa0b974/ecb.blog211231~a0cfa0b974.jpg"></div> <h5>31 December 2021</h5> <h3>Happy anniversary to euro cash!</h3> <p>Europe and the euro have become inseparable, President Christine Lagarde writes in The ECB Blog to mark the 20th anniversary of euro banknotes and coins. She recalls her first encounter with a euro banknote, and reflects on how far the euro has come and what lies ahead.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(16)</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="bg" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.bg.html" data-label="bolgár"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="de" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.hr.html" data-label="horvát"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2021/html/ecb.blog211231~a0cfa0b974.sv.html" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog211119~fda94a3f84.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog211119~fda94a3f84/ecb.blog211119~fda94a3f84.jpg"></div> <h5>19 November 2021</h5> <h3>The ECB’s case for central bank digital currencies</h3> <p>To continue playing its role as the anchor of the monetary system, central bank money will need to respond to evolving needs, says Executive Board member Fabio Panetta. This means that we must intensify the work on central bank digital currencies.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog211119~fda94a3f84.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog211104~b84ec56476/ecb.blog211104~b84ec56476.jpg"></div> <h5>4 November 2021</h5> <h3>Charting a course for climate action</h3> <p>The COP26 summit is a vital opportunity to set out a clear path towards a zero-carbon world, President Lagarde writes in a blog post. While the road ahead may seem daunting, she argues that a credible transition path will need clear signposts to break it up into more manageable stages.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(16)</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="bg" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.bg.html" data-label="bolgár"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="de" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.hr.html" data-label="horvát"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2021/html/ecb.blog211104~b84ec56476.sv.html" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210914~a514f7c553.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210914~a514f7c553/ecb.blog210914~a514f7c553.jpg"></div> <h5>14 September 2021</h5> <h3>The spectre of inflation</h3> <p>While rising inflation understandably worries people, current inflation rates should be interpreted with caution, writes Executive Board member Isabel Schnabel.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210914~a514f7c553.en.html" data-label="angol"> <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="de" href="/press/blog/date/2021/html/ecb.blog210914~a514f7c553.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210831~3a7cecbf52.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210831~3a7cecbf52/ecb.blog210831~3a7cecbf52.jpg"></div> <h5>31 August 2021</h5> <h3>Climate change and monetary policy</h3> <p>The existential threat posed by climate change implies that central banks must not stand on the sidelines in the fight against global warming, writes Executive Board member Isabel Schnabel. Our ambitious climate action plan outlines how the ECB will contribute within its mandate.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210831~3a7cecbf52.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210819~c99d1b768d.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210819~c99d1b768d/ecb.blog210819~c99d1b768d.jpg"></div> <h5>19 August 2021</h5> <h3>The new monetary policy strategy: implications for rate forward guidance</h3> <p>Our revised forward guidance is a fundamental step in fulfilling our commitment to 2% inflation, writes Chief Economist Philip R. Lane. He also discusses the three conditions that should be met before interest rates are raised.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210819~c99d1b768d.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210727~66d16d04d4.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210727~66d16d04d4/ecb.blog210727~66d16d04d4.jpg"></div> <h5>27 July 2021</h5> <h3>After the crisis: Economic lessons from the pandemic</h3> <p>If we make the recovery fund work and if we embed the lessons from the pandemic in the EMU governance framework, we can emerge from the crisis with a stronger economy and greater social and political cohesion, says Executive Board member Fabio Panetta in The ECB Blog.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210727~66d16d04d4.en.html" data-label="angol"> <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="it" href="/press/blog/date/2021/html/ecb.blog210727~66d16d04d4.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210714~6bfc156386.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210714~6bfc156386/ecb.blog210714~6bfc156386.jpg"></div> <h5>14 July 2021</h5> <h3>Preparing for the euro’s digital future</h3> <p>We have decided to launch a project to prepare for possibly issuing a digital euro. A digital euro will be successful if it adds value for people, merchants and financial intermediaries in the euro area, explains Executive Board member Fabio Panetta in The ECB Blog.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210714~6bfc156386.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(5)</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/2021/html/ecb.blog210714~6bfc156386.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="es" href="/press/blog/date/2021/html/ecb.blog210714~6bfc156386.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/blog/date/2021/html/ecb.blog210714~6bfc156386.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2021/html/ecb.blog210714~6bfc156386.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="nl" href="/press/blog/date/2021/html/ecb.blog210714~6bfc156386.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210511~7810445372.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210511~7810445372/ecb.blog210511~7810445372.jpg"></div> <h5>11 May 2021</h5> <h3>A global accord for sustainable finance</h3> <p>Climate change and sustainability are global challenges that require global solutions, especially in the financial sector, writes Executive Board member Fabio Panetta. We need international disclosure standards and principles to categorise sustainable activities.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210511~7810445372.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210401~6407b23d87.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210401~6407b23d87/ecb.blog210401~6407b23d87.jpg"></div> <h5>1 April 2021</h5> <h3>Inflation dynamics during a pandemic</h3> <p>The recent volatility of inflation can largely be attributed to the nature of the pandemic shock, writes Chief Economist Philip R. Lane. The increase in inflation during early 2021 does not constitute the basis for a sustained shift in inflation dynamics.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210401~6407b23d87.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(7)</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/2021/html/ecb.blog210401~6407b23d87.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2021/html/ecb.blog210401~6407b23d87.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2021/html/ecb.blog210401~6407b23d87.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/blog/date/2021/html/ecb.blog210401~6407b23d87.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2021/html/ecb.blog210401~6407b23d87.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="nl" href="/press/blog/date/2021/html/ecb.blog210401~6407b23d87.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2021/html/ecb.blog210401~6407b23d87.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210325~e22188c522.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210325~e22188c522/ecb.blog210325~e22188c522.jpg"></div> <h5>25 March 2021</h5> <h3>Digital central bank money for Europeans – getting ready for the future</h3> <p>At the ECB we are committed to understanding people’s needs and ensuring the digital euro would be widely accepted, writes Executive Board member Fabio Panetta with Ulrich Bindseil in The ECB Blog.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210325~e22188c522.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(3)</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/2021/html/ecb.blog210325~e22188c522.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="fr" href="/press/blog/date/2021/html/ecb.blog210325~e22188c522.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2021/html/ecb.blog210325~e22188c522.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210322~7ae5eca0ee.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210322~7ae5eca0ee/ecb.blog210322~7ae5eca0ee.jpg"></div> <h5>22 March 2021</h5> <h3>One year of the PEPP: many achievements but no room for complacency</h3> <p>Our pandemic emergency purchase programme (PEPP) has provided crucial support to euro area citizens since its launch a year ago, writes President Christine Lagarde in The ECB Blog. The PEPP has been, and remains, at the core of our pandemic policy response.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210322~7ae5eca0ee.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210318~3bbc68ffc5/ecb.blog210318~3bbc68ffc5.jpg"></div> <h5>18 March 2021</h5> <h3>Shining a light on climate risks: the ECB’s economy-wide climate stress test</h3> <p>The damage caused by more frequent and severe natural disasters far exceeds the costs of transitioning to a greener economy, writes Vice-President Luis de Guindos in his ECB Blog post on our first climate stress test for banks and companies.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(7)</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/2021/html/ecb.blog210318~3bbc68ffc5.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fi" href="/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="nl" href="/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210308~e7a735f961/ecb.blog210308~e7a735f961.jpg"></div> <h5>8 March 2021</h5> <h3>Choose to challenge women’s roles at home, at work and in our society</h3> <p>One year into the pandemic, we can clearly see that the social and economic impact of the virus is particularly hard for women, writes President Christine Lagarde. In response we must choose to challenge women’s roles at home, at work and in our society.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.en.html" data-label="angol"> <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/2021/html/ecb.blog210308~e7a735f961.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="mt" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.mt.html" data-label="máltai"> <span class="ecb-full">Malti</span><span class="ecb-short">MT</span></a><a lang="nl" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2021/html/ecb.blog210308~e7a735f961.sv.html" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.en.html" data-label="angol"> <div data-image="/press/blog/date/2021/html//ecb.blog210213~7e26af8606/ecb.blog210213~7e26af8606.jpg"></div> <h5>13 February 2021</h5> <h3>Greening monetary policy</h3> <p>Climate change requires urgent action and we at the ECB must be committed to doing our part, says Executive Board member Frank Elderson. The EU Treaties define clear obligations and limits. They provide substantial scope for the ECB to take action on climate change.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(9)</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/2021/html/ecb.blog210213~7e26af8606.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lv" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sv" href="/press/blog/date/2021/html/ecb.blog210213~7e26af8606.sv.html" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.en.html"> <div data-image="/press/blog/date/2020/html//ecb.blog201202~e493105c2e/ecb.blog201202~e493105c2e.jpg"></div> <h5>2 December 2020</h5> <h3>Money in the digital era</h3> <p>The results of the ECB’s latest study on payment behaviours suggest that no single means of payment currently available meets all consumer needs, Executive Board member Fabio Panetta writes in The ECB Blog. This underlines the importance of continuing to give people a choice on how to pay.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.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/2020/html/ecb.blog201202~e493105c2e.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hu" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.hu.html"> <span class="ecb-full">Magyar</span><span class="ecb-short">HU</span></a><a lang="it" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2020/html/ecb.blog201202~e493105c2e.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog201020~0f195b9ea2.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog201020~0f195b9ea2/ecb.blog201020~0f195b9ea2.jpg"></div> <h5>20 October 2020</h5> <h3>Don’t take it for granted: the value of high-quality data and statistics for the ECB’s policymaking</h3> <p>Blog post by Isabel Schnabel, Member of the Executive Board of the ECB</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog201020~0f195b9ea2.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog201002~12ab1c06b5.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog201002~12ab1c06b5/ecb.blog201002~12ab1c06b5.jpg"></div> <h5>2 October 2020</h5> <h3>We must be prepared to issue a digital euro</h3> <p>We should be ready to issue a digital euro if and when it is necessary, writes Executive Board member Fabio Panetta. The euro is a currency that Europeans trust. We need to make sure that it is fit for the future.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog201002~12ab1c06b5.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(6)</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/2020/html/ecb.blog201002~12ab1c06b5.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2020/html/ecb.blog201002~12ab1c06b5.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2020/html/ecb.blog201002~12ab1c06b5.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/blog/date/2020/html/ecb.blog201002~12ab1c06b5.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2020/html/ecb.blog201002~12ab1c06b5.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="nl" href="/press/blog/date/2020/html/ecb.blog201002~12ab1c06b5.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200911~9864e7ae6d.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200911~9864e7ae6d/ecb.blog200911~9864e7ae6d.jpg"></div> <h5>11 September 2020</h5> <h3>The outlook for the euro area</h3> <p>Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200911~9864e7ae6d.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200902~c168038cbc.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200902~c168038cbc/ecb.blog200902~c168038cbc.jpg"></div> <h5>2 September 2020</h5> <h3>Europe needs a fully fledged capital markets union – now more than ever</h3> <p>The coronavirus crisis makes progress on capital markets union even more important, write Luis de Guindos, Fabio Panetta and Isabel Schnabel. In the light of the European Commission’s forthcoming Action Plan, they outline priority areas for reform to foster European capital markets.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200902~c168038cbc.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200819~0d1d04504a.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200819~0d1d04504a/ecb.blog200819~0d1d04504a.jpg"></div> <h5>19 August 2020</h5> <h3>The provision of euro liquidity through the ECB’s swap and repo operations</h3> <p>The ECB’s swap and repo lines are essential stabilising tools in the coronavirus crisis. In a joint Blog post, Executive Board members Fabio Panetta and Isabel Schnabel explain how these tools reduce funding risks, prevent financial contagion and support the euro’s use in global transactions.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200819~0d1d04504a.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200804~b2c0f2115a.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200804~b2c0f2115a/ecb.blog200804~b2c0f2115a.jpg"></div> <h5>4 August 2020</h5> <h3>The macroeconomic impact of the pandemic and the policy response</h3> <p>While there has been some rebound in economic activity, the level of economic slack remains extraordinarily high and the outlook highly uncertain, writes Chief Economist Philip R. Lane. Progress in containing the virus will be central in determining the size and speed of the recovery.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200804~b2c0f2115a.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200723~c06fafabb6.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200723~c06fafabb6/ecb.blog200723~c06fafabb6.jpg"></div> <h5>23 July 2020</h5> <h3>Europe’s response to the crisis</h3> <p>Learning the lessons of the past, Europe has moved towards a new model for dealing with crises, writes President Christine Lagarde in The ECB Blog. We have shown that we can act quickly, adapt our institutions and lay the groundwork for forging a new Europe.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200723~c06fafabb6.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200628~d238a8970c.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200628~d238a8970c/ecb.blog200628~d238a8970c.jpg"></div> <h5>28 June 2020</h5> <h3>Necessary, suitable and proportionate</h3> <p>Our crisis measures respond to the worst economic crisis in the post-war period, says Executive Board member Isabel Schnabel. They are necessary, suitable and proportionate and benefit all European citizens.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200628~d238a8970c.en.html" data-label="angol"> <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="de" href="/press/blog/date/2020/html/ecb.blog200628~d238a8970c.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200622~14c4269b9e.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200622~14c4269b9e/ecb.blog200622~14c4269b9e.jpg"></div> <h5>22 June 2020</h5> <h3>The market stabilisation role of the pandemic emergency purchase programme</h3> <p>Evidence shows that the policies adopted by the ECB in mid-March, including the pandemic emergency purchase programme (PEPP) and other liquidity-easing measures, have contributed to stabilising markets, writes Chief Economist Philip R. Lane.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200622~14c4269b9e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200612~312fc9d1dc.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200612~312fc9d1dc/ecb.blog200612~312fc9d1dc.jpg"></div> <h5>12 June 2020</h5> <h3>Sharing and strengthening the euro’s privilege </h3> <p>The goals of boosting the euro’s global standing and sharing its advantages more evenly are one and the same, writes Executive Board member Fabio Panetta. Through the right mix of European fiscal and monetary policy, we can build a better functioning Monetary Union that achieves both of these goals.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200612~312fc9d1dc.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200605~0ee256bcc9.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200605~0ee256bcc9/ecb.blog200605~0ee256bcc9.jpg"></div> <h5>5 June 2020</h5> <h3>Expanding the pandemic emergency purchase programme</h3> <p>Two main factors called for further policy action, writes Chief Economist Philip R. Lane. First, the pandemic-related negative shock to inflation poses a threat to medium-term price stability. Second, while conditions in financial markets have stabilised substantially, the situation remains fragile.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200605~0ee256bcc9.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200501~a2d8f514a0.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200501~a2d8f514a0/ecb.blog200501~a2d8f514a0.jpg"></div> <h5>1 May 2020</h5> <h3>The monetary policy response to the pandemic emergency</h3> <p>In an ECB Blog post, Chief Economist Philip R. Lane discusses the macroeconomic scenarios developed by ECB staff to illustrate the possible impact of the pandemic. He also explains current monetary policy and outlines the approach to setting the future course of monetary policy.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200501~a2d8f514a0.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200428~328d7ca065.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200428~328d7ca065/ecb.blog200428~328d7ca065.jpg"></div> <h5>28 April 2020</h5> <h3>Beyond monetary policy – protecting the continuity and safety of payments during the coronavirus crisis</h3> <p>The ECB is working to protect the continuity and safety of payments during the coronavirus pandemic, writes Executive Board member Fabio Panetta in The ECB Blog. Europeans can trust in our commitment to support them throughout this crisis.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200428~328d7ca065.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(5)</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/2020/html/ecb.blog200428~328d7ca065.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2020/html/ecb.blog200428~328d7ca065.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2020/html/ecb.blog200428~328d7ca065.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/blog/date/2020/html/ecb.blog200428~328d7ca065.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2020/html/ecb.blog200428~328d7ca065.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200422~244d933f86.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200422~244d933f86/ecb.blog200422~244d933f86.jpg"></div> <h5>22 April 2020</h5> <h3>Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures</h3> <p>The ECB’s collateral easing package ensures that banks retain access to central bank liquidity at favourable terms, explain Vice-President Luis de Guindos and Executive Board member Isabel Schnabel. Improved collateral availability helps banks to continue lending to the real economy.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200422~244d933f86.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200409~3aa2815720/ecb.blog200409~3aa2815720.jpg"></div> <h5>9 April 2020</h5> <h3>How the ECB is helping firms and households</h3> <p>Our response to coronavirus is designed to reach the firms and families facing a steep loss of income and rising anxiety about the future, writes President Christine Lagarde. She adds that full alignment of fiscal and monetary policies is the best way to protect productive capacity and employment.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html" data-label="angol"> <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/2020/html/ecb.blog200409~3aa2815720.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="mt" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.mt.html" data-label="máltai"> <span class="ecb-full">Malti</span><span class="ecb-short">MT</span></a><a lang="nl" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2020/html/ecb.blog200409~3aa2815720.sv.html" data-label="svéd"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200403~54ecc5988b.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200403~54ecc5988b/ecb.blog200403~54ecc5988b.jpg"></div> <h5>3 April 2020</h5> <h3>The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19</h3> <p>Commercial paper purchases are key for monetary policy transmission to the real economy, explain Vice-President Luis de Guindos and Executive Board member Isabel Schnabel in The ECB Blog. They ease financing conditions for firms and help them manage short-term funding needs.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200403~54ecc5988b.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200319~11f421e25e/ecb.blog200319~11f421e25e.jpg"></div> <h5>19 March 2020</h5> <h3>Our response to the coronavirus emergency</h3> <p>We are committed to playing our role in supporting every citizen of the euro area through this extremely challenging time, President Christine Lagarde writes in The ECB Blog. Our temporary pandemic emergency purchase programme is designed to address the unprecedented situation our monetary union faces.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(13)</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/2020/html/ecb.blog200319~11f421e25e.de.html" data-label="német"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.el.html" data-label="görög"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.es.html" data-label="spanyol"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.et.html" data-label="észt"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.fi.html" data-label="finn"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.fr.html" data-label="francia"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.it.html" data-label="olasz"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.lt.html" data-label="litván"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.lv.html" data-label="lett"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.nl.html" data-label="holland"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.pt.html" data-label="portugál"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.sk.html" data-label="szlovák"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2020/html/ecb.blog200319~11f421e25e.sl.html" data-label="szlovén"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a></div></div></div> </div><div class="box"><a class="content-box" href="/press/blog/date/2020/html/ecb.blog200313~9e783ea567.en.html" data-label="angol"> <div data-image="/press/blog/date/2020/html//ecb.blog200313~9e783ea567/ecb.blog200313~9e783ea567.jpg"></div> <h5>13 March 2020</h5> <h3>The Monetary Policy Package: An Analytical Framework</h3> <p>We will not tolerate any risks to the smooth transmission of our monetary policy in all jurisdictions of the euro area, Executive Board member Philip R. Lane writes in the inaugural post of The ECB Blog. The post explains the analytical framework underlying the March monetary policy measures.</p> </a> <div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2020/html/ecb.blog200313~9e783ea567.en.html" data-label="angol"> <span class="ecb-full">English</span></a></span></div> </div></div> </div> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>Ebben a szekcióban található oldalak</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Elégedett az oldallal?</div><a class="button -inverted-color" id="feedback-yes">Igen</a> <a class="button -inverted-color" id="feedback-no">Nem</a></div> <div class="second hidden"> <div class="title">Mi a probléma?</div><a class="button -inverted-color" id="feedback-broken">Nem működik az oldal</a> <a class="button -inverted-color" id="feedback-content">Az információ nem hasznos</a> <a class="button -inverted-color" id="feedback-design">Az oldal kialakítása nem tetszetős</a> <a class="button -inverted-color" id="feedback-other">Egyéb</a></div> <div class="final hidden"> <div class="title">Köszönjük a visszajelzést!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"><a href="/home/sitedir/html/index.en.html" title="Honlaptérkép">Honlaptérkép</a></div> <div class="socialLinks"><a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Hivatalos közösségi médiacsatornák">KÖVESSEN MINKET!</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="SoundCloud"></a> <a href="/rss" class="rss" title="RSS"></a></div> </div><div class="ecb-footerBottom"><p><span>Copyright 2025, </span>Európai Központi Bank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Hasznos hivatkozások</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Dolgozzon velünk!</a></li> <li><a href="/services/glossary/html/index.en.html">Fogalomtár</a></li> <li><a href="/services/topics/html/index.hu.html">Témakörök</a></li> <li><a href="/services/links/html/index.en.html">Egyéb intézmények</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Honlapunk használata</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Szerzői jogi és felelősségi nyilatkozat</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Adatvédelmi nyilatkozat</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Nyelvpolitika</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Szervezeti szabályzatok</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Adatvédelem</a></li> <li><a href="/services/html/accessibility-statement.en.html">Akadálymentesítési nyilatkozat</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Betekintés a dokumentumokba</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Kapcsolat</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/contacts/html/index.en.html">Elérhetőségi adatok</a></li> <li><a href="/services/contacts/address/html/index.en.html">Cím</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Ügyfélfogadás</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; } [data-count]::after{ position: absolute; right: -20px; bottom: 0px; display: block; content: attr(data-count); color: rgba(255, 255, 255, 0.8); text-shadow: 0 0 8px black; font-size: 11px; } body.hideCount [data-count]::after{ display: none; } </style> <script> (function(){ let addedCount = false; let addCount = function(){ let list = document.querySelectorAll("h2,h3,h4,p,a"); for(var i = 0; i < list.length; i++){ let item = list[i]; item.setAttribute("data-count",item.textContent.length); } } document.onkeypress = function(e){ if(e.ctrlKey && e.code == "KeyM"){ if(addedCount){ document.body.classList.add('hideCount'); addedCount = false; }else{ document.body.classList.remove('hideCount'); addCount(); addedCount = true; } } } })(); </script> <link rel="stylesheet" href="/shared/dist/css/print.min.css?2961558" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>Honlapunkon sütiket (cookies) használunk</h2> <p>Funkcionális sütiket használunk a felhasználói preferenciák tárolására, analitikai sütiket a honlap teljesítményének javítására, valamint alkalmazunk még külső szolgáltatók által a honlapba integrált sütiket.</p> <p>Felhasználóink eldönthetik, hogy elfogadják vagy elutasítják őket. Bővebb tájékoztatásért, a sütikkel kapcsolatos preferenciák és szervernaplók áttekintéséért látogasson el az alábbi oldalakra:</p> <p><a href="/services/data-protection/privacy-statements/html/ecb.privacy_statement_website.en.html">Adatvédelmi nyilatkozatunk megtekintése</a></p> <p><a href="/services/data-protection/privacy-statements/html/ecb.privacy_statement_cookiepolicy.en.html">Sütihasználattal kapcsolatos szabályaink</a></p><div class="consentButtons initial cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Értem és elfogadom a sütik használatát</a> <a class="cross linkButton linkButtonLarge floatRight highlight-medium">Visszautasítom a sütik használatát</a></div> </div> <div class="accepted hidden"> <div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Köszönjük!</h2> </div> <div class="refused hidden"> <div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Köszönjük!</h2> </div> <div class="updated hidden"> <h2>Aktualizáltuk adatvédelmi politikánkat.</h2> <p>Honlapunkat folyamatosan javítjuk felhasználóink számára. Ehhez felhasználjuk a sütikből származó anonim adatokat.<br> <a href="/home/data-protection/privacy-statements/website/html/index.hu.html" class="arrow">Tekintse meg, mi változott adatvédelmi szabályainkban.</a></p> <div class="consentButtons updated cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Értem és elfogadom a sütik használatát</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Visszautasítom a sütik használatát</a></div> </div> <div class="expired hidden"> <h2>Lejárt a sütikkel kapcsolatos preferenciája.</h2> <p>Honlapunkat folyamatosan javítjuk felhasználóink számára. Ehhez felhasználjuk a sütikből származó anonim adatokat.<br> <a href="/home/data-protection/privacy-statements/website/html/index.hu.html" class="arrow">Itt tájékozódhat a sütik használatáról</a></p> <div class="consentButtons expired cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Értem és elfogadom a sütik használatát</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Visszautasítom a sütik használatát</a></div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">Ehhez az elemhez sütikre van szükség.</div><a href="/home/data-protection/privacy-statements/website/html/index.hu.html" class="button">Adatvédelmi szabályzat</a></div> </div> <script src="/shared/js/analytics/pa_events.js?v=2734826" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>