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Strumenti"></a><ul><li class="has-subpages"><a href="/mopo/implement/omo/html/index.mt.html">Operazzjonijiet tas-suq miftuħ</a><a href="#" class="subpages" title="toggle subpages for Operazzjonijiet tas-suq miftuħ"></a><ul><li class="clearfix"><a href="/mopo/implement/omo/tltro/html/index.mt.html">TLTROs</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/app/html/index.mt.html">Programmi ta' xiri tal-assi</a><a href="#" class="subpages" title="toggle subpages for Programmi ta' xiri tal-assi"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.mt.html">Self ta' titoli</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.mt.html">Programm ta' xiri ta' emerġenza tal-pandemija</a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.mt.html">Faċilitajiet permanenti</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.mt.html">Riżervi minimi</a><a href="#" class="subpages" title="toggle subpages for Riżervi minimi"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.mt.html">Sistema ta' żewġ saffi</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.mt.html">Operazzjonijiet tas-suq internazzjonali (International market operations)</a><a href="#" class="subpages" title="toggle subpages for Operazzjonijiet tas-suq internazzjonali (International market operations)"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.mt.html">Linji ta' likwidità tal-bank ċentrali</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.mt.html">Assistenza tal-likwidità ta' emerġenza (ELA) u l-politika monetarja</a></li><li class="clearfix"><a href="/mopo/liq/html/index.mt.html">Analiżi tal-likwidità</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.mt.html">Garanziji (Kollateral)</a><a href="#" class="subpages" title="toggle subpages for Garanziji (Kollateral)"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.mt.html">Kriterji u valutazzjoni tal-eliġibbiltà</a><a href="#" class="subpages" title="toggle subpages for Kriterji u valutazzjoni tal-eliġibbiltà"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.mt.html">Assi negozjabbli</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.mt.html">Assi mhux negozjabbli</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.mt.html">Lista ta' assi negozjabbli eliġibbli</a><a href="#" class="subpages" title="toggle subpages for Lista ta' assi negozjabbli eliġibbli"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.mt.html">Gwida għall-utent</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.mt.html">Mobilizzazzjoni ta' garanziji</a><a href="#" class="subpages" title="toggle subpages for Mobilizzazzjoni ta' garanziji"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.mt.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.mt.html">SSSs Eliġibbli</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.mt.html">Links eliġibbli</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.mt.html">Aġenti tripartiti eliġibbli</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.mt.html">Mitigazzjoni tar-riskji</a><a href="#" class="subpages" title="toggle subpages for Mitigazzjoni tar-riskji"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.mt.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.mt.html">Kontroll tar-riskji</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.mt.html">Kategoriji ta' likwidità</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.mt.html">Valutazzjoni</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.mt.html">Inizjattiva dwar livell ta' self</a><a href="#" class="subpages" title="toggle subpages for Inizjattiva dwar livell ta' self"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.mt.html">Trażmissjoni ta' dejta</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.mt.html">Rekwiżiti ta' eliġibilità</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.mt.html">Mistoqsijiet komuni</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.mt.html">Kuntatti</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.mt.html">Struttura tal-ekonomija taż-żona tal-euro</a><a href="#" class="subpages" title="toggle subpages for Struttura tal-ekonomija taż-żona tal-euro"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.mt.html">Politika ekonomika</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.mt.html">Politika fiskali</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.mt.html">Kummerċ estern</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.mt.html">Rati tal-iskambju effettivi</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.mt.html">Struttura finanzjarja</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.mt.html">Swieq finanzjarji</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.mt.html">Intermedjarji finanzjarji</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.mt.html">Diversità ekonomika</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.mt.html">Suq tax-xogħol</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.mt.html">Gruppi ta' kuntatt tas-suq (Market contact groups)</a><a href="#" class="subpages" title="toggle subpages for Gruppi ta' kuntatt tas-suq (Market contact groups)"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.mt.html">Swieq tal-Bonds (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.mt.html">Suq monetarju (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.mt.html">Debt Issuance Market Contact Group (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.mt.html">Grupp ta' Maniġers tal-operazzjonijiet tal-BĊE (BĊE OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.mt.html">Kambju barrani (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.mt.html">Djalogu tal-Investituri Istituzzjonali (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.mt.html">Ħlasijiet u stabbiltà finanzjarja</a><a href="#" class="subpages" title="toggle subpages for Ħlasijiet u stabbiltà finanzjarja"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Ħlasijiet u stabbiltà finanzjarja</div> <p>Ħarsa lejn il-ħidma tagħna dwar l-istabbiltà finanzjarja u l-infrastrutturi tal-ħlasijiet u tas-swieq</p><a href="/paym/html/index.en.html">Ħarsa ġenerali lejn il-ħlasijiet u l-istabbiltà finanzjarja</a><hr> <div class="nav-title">Links malajr</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Euro diġitali</a></li> <li><a href="/press/intro/html/index.en.html">Aħbarijiet u avvenimenti dwar il-ħlasijiet</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">Dokumenti u links dwar l-użu professjonali ta’ TARGET</a></li> </ul> </div><a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">L-Aktar Rieżami Reċenti dwar l-Istabbiltà Finanzjarja</div> <div class="image-date">16 ta' Mejju 2024</div></a></div></div><ul><li class="clearfix"><span>Ħlasijiet</span></li><li class="has-subpages"><a href="/paym/target/html/index.mt.html">Servizzi TARGET</a><a href="#" class="subpages" title="toggle subpages for Servizzi TARGET"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.mt.html">Karatteristiċi kondiviżi</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.mt.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.mt.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.mt.html">Governanza (Governance)</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.mt.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.mt.html">Governanza</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.mt.html">Fatti u figuri</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.mt.html">Ipprezzar</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.mt.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.mt.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.mt.html">Governanza</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.mt.html">Fatti u figuri</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.mt.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.mt.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.mt.html">Dokumenti u links ta' użu professjonali ta' TARGET (TARGET professional use documents & links)</a><a href="#" class="subpages" title="toggle subpages for Dokumenti u links ta' użu professjonali ta' TARGET (TARGET professional use documents & links)"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.mt.html">Għal użu professjonali</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.mt.html">Dokumenti u links ta' T2 (T2 documents & links)</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.mt.html">Għall-użu professjonali</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.mt.html">Għall-użu professjonali</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.mt.html">Għall-użu professjonali</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.mt.html">Integrazzjoni u innovazzjoni (Integration and innovation)</a><a href="#" class="subpages" title="toggle subpages for Integrazzjoni u innovazzjoni (Integration and innovation)"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.mt.html">Teknoloġiji ta' ledger distribwiti (Distributed ledger technologies)</a><a href="#" class="subpages" title="toggle subpages for Teknoloġiji ta' ledger distribwiti (Distributed ledger technologies)"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.mt.html">Xogħol esploratorju (Exploratory work)</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.mt.html">Ħlasijiet bl-imnut</a><a href="#" class="subpages" title="toggle subpages for Ħlasijiet bl-imnut"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.mt.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.mt.html">Il-BĊE bħala katalist</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.mt.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.mt.html">Ħlasijiet istantanji</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.mt.html">Armonizzazzjoni tal-ġestjoni tal-kollateral</a><a href="#" class="subpages" title="toggle subpages for Armonizzazzjoni tal-ġestjoni tal-kollateral"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.mt.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.mt.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.mt.html">Ċiber-reżiljenza</a><a href="#" class="subpages" title="toggle subpages for Ċiber-reżiljenza"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.mt.html">Infrastrutturi tas-swieq finanzjarji</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.mt.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.mt.html">Sorveljanza</a><a href="#" class="subpages" title="toggle subpages for Sorveljanza"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.mt.html">Sistemi ta' ħlas</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.mt.html">Titoli TARGET2</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.mt.html">Ħlasijiet elettroniċi</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.mt.html">Sistemi ta' saldu ta' titoli u kontropartijiet ċentrali</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.mt.html">Fornituri ta' servizzi kritiċi</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.mt.html">Banek korrispondenti u kustodji</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.mt.html">Forum SecuRe Pay</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.mt.html">Servizzi tal-ġestjoni tar-riżervi</a><a href="#" class="subpages" title="toggle subpages for Servizzi tal-ġestjoni tar-riżervi"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.mt.html">Aspetti ewlenin</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.mt.html">Firxa ta' servizzi</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.mt.html">Kaxxiera professjonali</a><a href="#" class="subpages" title="toggle subpages for Kaxxiera professjonali"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.mt.html">Ipproċessar tal-flus</a><a href="#" class="subpages" title="toggle subpages for Ipproċessar tal-flus"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.mt.html">Tagħmir għall-awtentikazzjoni</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.mt.html">Riċirkolazzjoni tal-karti tal-flus</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.mt.html">Speċifikazzjonijiet tal-Common Detector Interface</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.mt.html">Akkreditazzjoni tal-manifatturi tal-karti tal-flus</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.mt.html">Gruppi ta' kuntatt fis-swieq</a><a href="#" class="subpages" title="toggle subpages for Gruppi ta' kuntatt fis-swieq"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.mt.html">Gruppi ta' konsulenti dwar l-infrastrutturi tas-suq (Advisory groups on market infrastructures)</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.mt.html">Bord ta' Ċiber-Reżiljenza tal-Euro</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.mt.html">Bord tal-Ħlasijiet bl-Imnut tal-Euro (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.mt.html">Forum Ewropew għall-Innovazzjoni fil-Ħlasijiet (EFIP)</a></li></ul></li><li class="clearfix"><span>Stabbiltà finanzjarja</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.mt.html">Stabbiltà Finanzjarja</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.mt.html">Miżuri Makroprudenzjali</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.mt.html">Gruppi ta' kuntatt dwar l-istabbiltà finanzjarja</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.mt.html">Statistika</a><a href="#" class="subpages" title="toggle subpages for Statistika"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistika</div> <p>Aċċess għall-istatistika tal-BĊE u għall-informazzjoni ta’ sfond kollha</p><a href="/stats/html/index.en.html">Ħarsa ġenerali lejn l-istatistika tal- BĊE</a><hr> <div class="nav-title">Links malajr</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Ċifri ewlenin</a></li> <li><a href="https://data.ecb.europa.eu/">Portal tad-<i>Data</i> tal-BĊE</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Is-servizzi kollha tad-<i>data</i></a></li> </ul> </div><a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">IL-BLOG TAL-BĊE - <i>Data</i> mtejba: kif it-tibdil fil-klima jolqot lill-banek</div> <div class="image-date">18 ta' April 2024</div></a></div></div><ul><li class="clearfix"><span>Aċċessata ta' spiss</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.mt.html">Rati tal-kambju tal-Euro (Euro exchange rates)</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.mt.html">Rati tal-imgħax tal-BĊE ewlenin (Key ECB interest rates)</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.mt.html">Rata fuq perjodu ta' żmien qasir tal-euro (€STR) (Euro short-term rate (€STR))</a><a href="#" class="subpages" title="toggle subpages for Rata fuq perjodu ta' żmien qasir tal-euro (€STR) (Euro short-term rate (€STR))"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.mt.html">Punti ta' riferiment tal-imgħax</a><a href="#" class="subpages" title="toggle subpages for Punti ta' riferiment tal-imgħax"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.mt.html">Grupp ta' ħidma fuq rati mingħajr riskju tal-euro</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.mt.html">Inflazzjoni (Inflation)</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.mt.html">Kurvi ta' redditu taż-żona tal-euro (Euro area yield curves)</a></li><li class="clearfix"><span>L-istatistika kollha u l-isfond</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.mt.html">L-istatistika ewlenija kollha (All key statistics)</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.mt.html">Naċċessaw id-data tagħna</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.mt.html">Karatteristiċi ewlenin</a><a href="#" class="subpages" title="toggle subpages for Karatteristiċi ewlenin"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.mt.html">Qafas ta' governanza u kwalità</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.mt.html">Kooperazzjoni u standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.mt.html">Rappurtar tad-data tal-banek</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.mt.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.mt.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.mt.html">Konsultazzjonijiet pubbliċi</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.mt.html">Djalogu tal-Industrija Bankarja fuq l-Istatistika tas-SEBĊ u rapportar integrat</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.mt.html">SDMX – mudell ta' skambju ta' data statistika</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.mt.html">INEXDA: network tad-data granulari</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.mt.html">L-euro</a><a href="#" class="subpages" title="toggle subpages for L-euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">L-euro</div> <p>Dak kollu li għandek bżonn tkun taf dwar il-munita komuni tagħna</p><a href="/euro/html/index.en.html">Ħarsa ġenerali lejn l-euro</a><hr> <div class="nav-title">Links ta' malajr</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Professjonisti tal-flus kontanti</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistika dwar il-karti tal-flus u l-muniti</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Rati tal-kambju tal-euro</a></li> </ul> </div><a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Studju fuq l-attitudnijiet tal-konsumaturi dwar il-ħlasijiet fiż-żona tal-euro (SPACE) – 2024</div> <div class="image-date">19 ta' Diċembru 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.mt.html">Euro diġitali - Governanza</a><a href="#" class="subpages" title="toggle subpages for Euro diġitali - Governanza"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.mt.html">Karatteristiċi</a><a href="#" class="subpages" title="toggle subpages for Karatteristiċi"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.mt.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.mt.html">Kif jaħdem</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.mt.html">Għaliex għandna bżonnha</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.mt.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.mt.html">Skeda tal-proġett</a><a href="#" class="subpages" title="toggle subpages for Skeda tal-proġett"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.mt.html">Impenn tal-parteċipanti</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.mt.html">Għal użu professjonali (For professional use)</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.mt.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.mt.html">Mistoqsijiet frekwenti</a></li></ul></li><li class="clearfix"><span>Flus kontanti</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.mt.html">L-istrateġija għall-flus kontanti tal-Eurosistema</a><a href="#" class="subpages" title="toggle subpages for L-istrateġija għall-flus kontanti tal-Eurosistema"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.mt.html">Ir-rwol tal-flus kontanti</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.mt.html">Ħruġ u ċirkolazzjoni</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.mt.html">L-aċċess għall-flus kontanti u l-aċċettazzjoni tagħhom</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.mt.html">Mistoqsijiet frekwenti</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.mt.html">Karti tal-flus</a><a href="#" class="subpages" title="toggle subpages for Karti tal-flus"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.mt.html">Karti tal-flus futuri</a><a href="#" class="subpages" title="toggle subpages for Karti tal-flus futuri"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.mt.html">Proċess ta' disinn mill-ġdid</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.mt.html">Karti tal-flus attwali</a><a href="#" class="subpages" title="toggle subpages for Karti tal-flus attwali"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.mt.html">Denominazzjonijiet</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.mt.html">Elementi tad-disinn</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.mt.html">Karatteristiċi ta’ sigurtà</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.mt.html">Kontra l-falsifikazzjoni</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.mt.html">Produzzjoni u ħażniet ta' karti tal-flus</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.mt.html">Karti danneġġati u mtebbgħa bil-linka</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.mt.html">Ambjent, saħħa u sigurtà</a><a href="#" class="subpages" title="toggle subpages for Ambjent, saħħa u sigurtà"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.mt.html">Impronta ambjentali tal-prodott</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.mt.html">Riċerka u żvilupp</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.mt.html">Xbihat u regoli għar-riproduzzjoni</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.mt.html">Materjal ta' informazzjoni u taħriġ</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.mt.html">Muniti</a><a href="#" class="subpages" title="toggle subpages for Muniti"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.mt.html">€2</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.mt.html">€1</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.mt.html">50 ċenteżmu</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.mt.html">20 ċenteżmu</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.mt.html">10 ċenteżmi</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.mt.html">5 ċenteżmi</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.mt.html">2 ċenteżmi</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.mt.html">1 ċenteżmu</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.mt.html">Naħat komuni</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.mt.html">Muniti kommemorattivi ta' €2</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.mt.html">Karatteristiċi ta’ sigurtà</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.mt.html">Muniti għall-kollezzjonisti</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.mt.html">Bidla tal-flus</a><a href="#" class="subpages" title="toggle subpages for Bidla tal-flus"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.mt.html">Kroazja (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.mt.html">Litwanja (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.mt.html">Latvja (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.mt.html">Estonja (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.mt.html">Slovakkja (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.mt.html">Ċipru (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.mt.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.mt.html">Slovenja (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.mt.html">Bidla tal-bidu (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.mt.html">Tisrif tal-flus nazzjonali</a><a href="#" class="subpages" title="toggle subpages for Tisrif tal-flus nazzjonali"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.mt.html">Awstrija</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.mt.html">Belġju</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.mt.html">Kroazja</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.mt.html">Ċipru</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.mt.html">Estonja</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.mt.html">Finlandja</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.mt.html">Franza</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.mt.html">Ġermanja</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.mt.html">Greċja</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.mt.html">Irlanda</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.mt.html">Italja</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.mt.html">Latvja</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.mt.html">Litwanja</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.mt.html">Lussemburgu</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.mt.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.mt.html">Nederlands</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.mt.html">Portugall</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.mt.html">Slovakkja</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.mt.html">Slovenja</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.mt.html">Spanja</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.mt.html">Għal min hu nieqes mid-dawl</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.mt.html">Riċerka</a><a href="#" class="subpages" title="toggle subpages for Riċerka"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Riċerka</div> <p>Studji fil-fond u analiżijiet esperti li jkopru suġġetti u oqsma diversi</p><a href="/pub/html/index.en.html">Ħarsa ġenerali lejn ir-riċerka tal-BĊE</a> <hr> <div class="nav-title">Links malajr</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Konferenzi u seminars</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Opportunitajiet għar-riċerkaturi</a></li> </ul> </div><a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Bullettin ta’ Riċerka</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.mt.html">Riċerka ekonomika</a><a href="#" class="subpages" title="toggle subpages for Riċerka ekonomika"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.mt.html">Aġenda ta' riċerka</a><a href="#" class="subpages" title="toggle subpages for Aġenda ta' riċerka"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.mt.html">Monetary policy, strategy and implementation</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.mt.html">Fiscal policy and governance within EMU</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.mt.html">International macro and finance</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.mt.html">Real sector and microeconomic analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.mt.html">Forecasting and business cycle analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.mt.html">Macro-finance, systemic risk and macroprudential policy</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.mt.html">Financial institutions, microprudential policy, financial markets and payments</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.mt.html">Opportunitajiet għar-riċerkaturi</a><a href="#" class="subpages" title="toggle subpages for Opportunitajiet għar-riċerkaturi"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.mt.html">Wim Duisenberg Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.mt.html">Regular Research Visitors</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.mt.html">Lamfalussy Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.mt.html">Summer Research Graduate Programme</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.mt.html">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.mt.html">Riċerka legali (Legal Research)</a><a href="#" class="subpages" title="toggle subpages for Riċerka legali (Legal Research)"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.mt.html">Konferenzi u seminars legali (Legal conferences and seminars)</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.mt.html">Programm dwar ir-Riċerka Legali (Legal Research Programme)</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.mt.html">Dokumenti ta' Riċerka, Okkażjonali u Legali</a><a href="#" class="subpages" title="toggle subpages for Dokumenti ta' Riċerka, Okkażjonali u Legali"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.mt.html">Artikoli mill-awturi</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.mt.html">Riċerkaturi tal-BĊE</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.mt.html">Netwerks ta' riċerka</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.mt.html">Aħbarijiet u pubblikazzjonijiet</a><a href="#" class="subpages" title="toggle subpages for Aħbarijiet u pubblikazzjonijiet"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Aħbarijiet u pubblikazzjonijiet</div><a href="/press/pubbydate/html/index.en.html">Ara l-aħbarijiet u l-pubblikazzjonijiet kollha</a><hr> </div> </div><ul><li><span>Aħbarijiet dwar Pagamenti u Avvenimenti</span></li><li><a href="/press/pr/html/index.mt.html">Stqarrijiet għall-istampa</a></li><li><a href="/press/stats/html/index.mt.html">Statistika dwar iż-żona tal-euro</a></li><li><a href="/press/key/html/index.mt.html">Diskorsi u intervisti</a></li><li><a href="/press/inter/html/index.mt.html">Intervisti</a></li><li><a href="/press/blog/html/index.mt.html">Il-Blog tal-BĊE</a></li><li><a href="/press/tvservices/html/index.mt.html">Servizzi televiżivi u webcasts</a></li><li><a href="/press/intro/html/index.mt.html">Daħla</a></li><li><a href="/press/contacts/html/index.mt.html">Kuntatti għall-istampa</a></li></ul></div><ul><li class="clearfix"><span>Pubblikazzjonijiet</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.mt.html">Deċiżjonijiet tal-Kunsill Governattiv</a><a href="#" class="subpages" title="toggle subpages for Deċiżjonijiet tal-Kunsill Governattiv"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.mt.html">Deċiżjonijiet dwar il-politika monetarja</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.mt.html">Oħrajn</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.mt.html">Kontijiet tal-politika monetarja</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.mt.html">Bullettin Ekonomiku</a><a href="#" class="subpages" title="toggle subpages for Bullettin Ekonomiku"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.mt.html">Artikoli</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.mt.html">Fokus</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.mt.html">Bullettin tax-Xahar</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.mt.html">Tbassir makroekonomiku</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.mt.html">Rapporti annwali u dikjarazzjonijiet finanzjarji (Annual reports & financial statements)</a><a href="#" class="subpages" title="toggle subpages for Rapporti annwali u dikjarazzjonijiet finanzjarji (Annual reports & financial statements)"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.mt.html">Rapport Annwali</a><a href="#" class="subpages" title="toggle subpages for Rapport Annwali"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.mt.html">Kontijiet Annwali</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.mt.html">Karta tal-bilanċ tal-Eurosistema</a><a href="#" class="subpages" title="toggle subpages for Karta tal-bilanċ tal-Eurosistema"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.mt.html">Operazzjonijiet tal-politika monetarja</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.mt.html">Dikjarazzjonijiet finanzjarji tal-ġimgħa (WFS)</a><a href="#" class="subpages" title="toggle subpages for Dikjarazzjonijiet finanzjarji tal-ġimgħa (WFS)"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.mt.html">Dejta disaggregata</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.mt.html">Pubblikazzjonijiet tal-istabbilta finanzjarja (Financial stability publications)</a><a href="#" class="subpages" title="toggle subpages for Pubblikazzjonijiet tal-istabbilta finanzjarja (Financial stability publications)"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.mt.html">Analiżi tal-Istabbiltà Finanzjarja</a><a href="#" class="subpages" title="toggle subpages for Analiżi tal-Istabbiltà Finanzjarja"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.mt.html">Karatteristiċi speċjali</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.mt.html">Bullettin Markroprudenzjali</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.mt.html">Pubblikazzjonijiet dwar ir-riċerka (Research publications)</a><a href="#" class="subpages" title="toggle subpages for Pubblikazzjonijiet dwar ir-riċerka (Research publications)"></a><ul><li class="clearfix"><a href="/press/research-publications/resbull/html/index.mt.html">Bullettin ta' Riċerka</a></li><li class="clearfix"><a href="/press/research-publications/working-papers/html/index.mt.html">Sensiela Dokumenti ta' Ħidma</a></li><li class="clearfix"><a href="/press/research-publications/discussion-papers/html/index.mt.html">Dokumenti għad-diskussjoni</a></li><li class="clearfix"><a href="/press/research-publications/occasional-papers/html/index.mt.html">Sensiela Dokumenti Okkażjonali</a></li><li class="clearfix"><a href="/press/research-publications/legal-working-papers/html/index.mt.html">Sensiela Dokumenti ta' Ħidma Legali</a></li><li class="clearfix"><a href="/press/research-publications/statistics-papers/html/index.mt.html">Dokumenti tal-istatistika</a></li></ul></li><li class="has-subpages"><a href="/press/other-publications/html/index.mt.html">Pubblikazzjonijiet oħrajn (Other publications)</a><a href="#" class="subpages" title="toggle subpages for Pubblikazzjonijiet oħrajn (Other publications)"></a><ul><li class="clearfix"><a href="/press/other-publications/mep-letters/html/index.mt.html">Ittri lill-MEPs (Letters to MEPs)</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.mt.html">Rapport tal-Konverġenza</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.mt.html">Rwol Internazzjonali tal-Euro (International Role of the Euro)</a></li></ul></li><li class="clearfix"><span>Avvenimenti u kalendarji</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.mt.html">Konferenza stampa</a><a href="#" class="subpages" title="toggle subpages for Konferenza stampa"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.mt.html">Konferenzi stampa</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.mt.html">Daqqa t’għajn lejn l-istqarrijiet dwar il-politika monetarja</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.mt.html">Konferenzi u seminars</a><a href="#" class="subpages" title="toggle subpages for Konferenzi u seminars"></a><ul><li class="has-subpages"><a href="/press/conferences/ecbforum/html/index.mt.html">Forum fuq l-Attività Bankarja Ċentrali</a><a href="#" class="subpages" title="toggle subpages for Forum fuq l-Attività Bankarja Ċentrali"></a><ul><li class="clearfix"><a href="/press/conferences/ecbforum/YE_competition/html/index.mt.html">Premju għall-ekonomisti 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href="https://www.bankingsupervision.europa.eu/home/html/index.mt.html">Superviżjoni bankarja<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/ecb/html/index.mt.html">Dwarna</a><a href="#" class="subpages" title="toggle subpages for Dwarna"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Dwarna</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb/all-about-us/html/index.mt.html">Dak kollu dwarna (All about us)</a></li><li class="has-subpages"><a href="/ecb/decisions/html/index.mt.html">Min jieħu d-deċiżjonijiet</a><a href="#" class="subpages" title="toggle subpages for Min jieħu d-deċiżjonijiet"></a><ul><li class="clearfix"><a href="/ecb/decisions/eb/html/index.mt.html">Bord Eżekuttiv</a></li><li class="clearfix"><a href="/ecb/decisions/govc/html/index.mt.html">Kunsill Governattiv</a></li><li class="clearfix"><a href="/ecb/decisions/genc/html/index.mt.html">Kunsill Ġenerali</a></li><li class="clearfix"><a href="/ecb/decisions/ssm/html/index.mt.html">Bord Superviżorju</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/html/index.mt.html">Organizzazzjoni</a><a href="#" class="subpages" title="toggle subpages for Organizzazzjoni"></a><ul><li class="has-subpages"><a href="/ecb/orga/escb/html/index.mt.html">BĊE, SEBĊ u Eurosistema</a><a href="#" class="subpages" title="toggle subpages for BĊE, SEBĊ u Eurosistema"></a><ul><li class="clearfix"><a href="/ecb/orga/escb/ecb-mission/html/index.mt.html">Għanijiet tal-BĊE</a></li><li class="clearfix"><a href="/ecb/orga/escb/eurosystem-mission/html/index.mt.html">Għanijiet tal-Eurosistema</a></li><li class="clearfix"><a href="/ecb/orga/escb/strategic-intents/html/index.mt.html">Għanijiet strateġiċi</a></li><li class="clearfix"><a href="/ecb/orga/escb/organisational-principles/html/index.mt.html">Prinċipji organizzattivi</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/html/index.mt.html">Funzjonijiet</a><a href="#" class="subpages" title="toggle subpages for Funzjonijiet"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/monpol/html/index.mt.html">Politika monetarja</a></li><li class="clearfix"><a href="/ecb/orga/tasks/statistics/html/index.mt.html">Statistika</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/stability/html/index.mt.html">Stabbiltà finanzjarja u politika makroprudenzjali</a><a href="#" class="subpages" title="toggle subpages for Stabbiltà finanzjarja u politika makroprudenzjali"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/stability/tasks/html/index.mt.html">Kompiti</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/strategy/html/index.mt.html">Strateġija</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/framework/html/index.mt.html">Qafas istituzzjonali</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/euro/html/index.mt.html">Karti tal-flus</a></li><li class="clearfix"><a href="/ecb/orga/tasks/paym/html/index.mt.html">Ħlasijiet u titoli</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/europe/html/index.mt.html">Relazzjonijiet Ewropej</a><a href="#" class="subpages" title="toggle subpages for Relazzjonijiet Ewropej"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/europe/cooperation/html/index.mt.html">Kooperazzjoni Ewropea</a></li><li class="clearfix"><a href="/ecb/orga/tasks/europe/emu/html/index.mt.html">Qafas politika tal-UEM</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/international/html/index.mt.html">Affarijiet internazzjonali</a><a href="#" class="subpages" title="toggle subpages for Affarijiet internazzjonali"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/international/institutions/html/index.mt.html">Relazzjonijiet Internazzjonali u analiżi</a></li><li class="clearfix"><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.mt.html">Kooperazzjoni teknika tal-banek ċentrali</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/reserves/html/index.mt.html">Riżervi barranin u fondi proprji</a></li><li class="clearfix"><a href="/ecb/orga/tasks/forex/html/index.mt.html">Operazzjonijiet tal-kambju</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/orgachart/html/index.mt.html">Organigramma tal-BĊE</a></li><li class="clearfix"><a href="/ecb/orga/capital/html/index.mt.html">Sottoskrizzjoni tal-kapital</a></li><li class="clearfix"><a href="/ecb/orga/governance/html/index.mt.html">Governanza korporattiva</a></li></ul></li><li class="has-subpages"><a href="/ecb/our-values/html/index.mt.html">Il-valuri tagħna (Our values)</a><a href="#" class="subpages" title="toggle subpages for Il-valuri tagħna (Our values)"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.mt.html">Indipendenza</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.mt.html">Trasparenza</a></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.mt.html">Responsabbiltà</a></li><li class="has-subpages"><a href="/ecb/our-values/ethics/html/index.mt.html">L-etika – naħdmu bl-integrità</a><a href="#" class="subpages" title="toggle subpages for L-etika – naħdmu bl-integrità"></a><ul><li class="clearfix"><a href="/ecb/our-values/ethics/enmo/html/index.mt.html">"Netwerk ta' Etika ta' Organizzazzjonijiet Multilaterali (ENMO)"</a></li></ul></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.mt.html">L-istorja, l-arti u l-kultura tagħna (Our history, arts and culture)</a><a href="#" class="subpages" title="toggle subpages for L-istorja, l-arti u l-kultura tagħna (Our history, arts and culture)"></a><ul><li class="has-subpages"><a href="/ecb/history-arts-culture/history/html/index.mt.html">L-Istorja tagħna (Our history)</a><a href="#" class="subpages" title="toggle subpages for L-Istorja tagħna (Our history)"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.mt.html">25 sena tal-BĊE (25 years of the ECB)</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/emu/html/index.mt.html">Unjoni Ekonomika u Monetarja</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/enlargement/html/index.mt.html">Tkabbir tal-UE</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/ec/html/index.mt.html">Unjoni Ewropea</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/archives/html/index.mt.html">Arkivji</a><a href="#" class="subpages" title="toggle subpages for Arkivji"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/archives/cog/html/index.mt.html">Kumitat tal-Gvernaturi</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emcf/html/index.mt.html">Fond Ewropew ta' Kooperazzjoni Monetarja</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/delors/html/index.mt.html">Kumitat Delors</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emi/html/index.mt.html">Istitut Monetarju Ewropew</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/european/html/index.mt.html">Bank Ċentrali Ewropew</a></li></ul></li><li class="clearfix"><a href="/ecb/history-arts-culture/artsculture/html/index.mt.html">Arti u kultura</a></li></ul></li><li class="has-subpages"><a href="/ecb/legal/html/index.mt.html">Qafas legali</a><a href="#" class="subpages" title="toggle subpages for Qafas legali"></a><ul><li class="clearfix"><a href="/ecb/legal/faqs/html/index.mt.html">Mistoqsijiet komuni</a></li><li class="clearfix"><a href="/ecb/legal/fsla/html/index.mt.html">Atti legali mfittxija spiss</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.mt.html">Tibdil fil-klima u l-BĊE</a><a href="#" class="subpages" title="toggle subpages for Tibdil fil-klima u l-BĊE"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.mt.html">Il-pjan tagħna għall-klima u n-natura</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.mt.html">Divulgazzjonijiet finanzjarji relatati mal-klima</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.mt.html">Ġestjoni tar-riskji relatati mal-klima</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.mt.html">Appoġġ għat-tranżizzjoni ekoloġika (Supporting the green transition)</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.mt.html">Inrawmu azzjoni akbar</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.mt.html">L-approċċ tagħna</a></li><li class="clearfix"><a href="/ecb/climate/green/html/index.mt.html">Ħarsien tal-ambjent</a></li><li class="clearfix"><a href="/ecb/climate/climate/html/index.mt.html">Distakk tal-Protezzjoni tal-Assigurazzjoni tal-Klima</a></li></ul></li><li class="clearfix"><a href="/ecb/sanctions/html/index.mt.html">Sanzjonijiet imposti mill-BĊE</a></li><li class="has-subpages"><a href="/ecb/jobsproc/html/index.mt.html">Akkwisti</a><a href="#" class="subpages" title="toggle subpages for Akkwisti"></a><ul><li class="clearfix"><a href="/ecb/jobsproc/tenders/html/index.mt.html">Sejħiet għall-offerti</a></li><li class="clearfix"><a href="/ecb/jobsproc/archive/html/index.mt.html">Arkivju</a></li><li class="clearfix"><a href="/ecb/jobsproc/sourcing/html/index.mt.html">Sistema Elettronika għall-Offerti</a></li></ul></li><li class="has-subpages"><a href="/ecb/access_to_documents/html/index.mt.html">Aċċess għad-dokumenti</a><a href="#" class="subpages" title="toggle subpages for Aċċess għad-dokumenti"></a><ul><li class="clearfix"><a href="/ecb/access_to_documents/document/html/index.mt.html">Reġistru Pubbliku tad-Dokumenti</a></li></ul></li><li class="has-subpages"><a href="/ecb/contacts/html/index.mt.html">Kuntatti</a><a href="#" class="subpages" title="toggle subpages for Kuntatti"></a><ul><li class="clearfix"><a href="/ecb/contacts/address/html/index.mt.html">Indirizz</a></li><li class="clearfix"><a href="/ecb/contacts/working-hours/html/index.mt.html">Ħinijiet tax-xogħol</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/ecb-and-you/html/index.mt.html">Inti u l-BĊE</a><a href="#" class="subpages" title="toggle subpages for Inti u l-BĊE"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Inti u l-BĊE</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb-and-you/educational/html/index.mt.html">Materjal edukattiv</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/html/index.mt.html">Spjegazzjonijiet</a></li><li class="clearfix"><a href="/ecb-and-you/test-your-knowledge/html/index.mt.html">Ara tafx</a></li><li class="has-subpages"><a href="/ecb-and-you/youth-initiatives/html/index.mt.html">Involviment taż-żgħażagħ</a><a href="#" class="subpages" title="toggle subpages for Involviment taż-żgħażagħ"></a><ul><li class="clearfix"><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.mt.html">Bootcamp tal-IT tal-Bniet (Girls' IT Bootcamp)</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/everyone-needs-stability/html/index.mt.html">Kulħadd jeħtieġ l-istabbiltà</a></li><li class="clearfix"><a href="/ecb-and-you/ecb_and_you/html/index.mt.html">Il-BĊE u inti</a></li><li class="clearfix"><a href="/ecb-and-you/ask_us/html/index.mt.html">Staqsina</a></li><li class="has-subpages"><a href="/ecb-and-you/visits/html/index.mt.html">Żurna</a><a href="#" class="subpages" title="toggle subpages for Żurna"></a><ul><li class="clearfix"><a href="/ecb-and-you/visits/premises/html/index.mt.html">Bini 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<h2>Direction of travel less clear</h2> </div> </div> <div class="slider_text_content"> <p>As we can no longer be confident that our monetary policy is restrictive, the direction of travel has become less clear, Executive Board member Isabel Schnabel tells the Financial Times. We are getting closer to the point where we may need to pause or halt our rate cuts.</p> <a href="/press/inter/date/2025/html/ecb.in250219~7ba1c7cf36.en.html" data-label="L-Ingliż" class="button">Read Isabel Schnabel's interview</a> </div> </div> </div> </div><div class="tabs-container -white-blue -homepage"> <input id="t1" name="homepage-tab-group" type="radio" checked=""> <label for="t1"><span class="arrow"></span>Punti fokali</label> <div class="tab-content"> <div class="boxes"> <div class="box"> <div data-image="/home/shared/img/bas/box-1_19d1c56956bebb145aa999f5c1634e3d.jpg" data-image-webp="/home/shared/img/bas/box-1_19d1c56956bebb145aa999f5c1634e3d.webp" > </div> <div> <div> <span class="type">PUBLICATION</span> <span class="date">20 February 2025</span> </div> <h3> ECB Annual Accounts 2024 <br></h3> <p>In 2024 we made a loss of €7.9 billion caused by rate hikes in previous years and unlike last year we had no cover from risk provisions. Our finances are a result of fulfilling our tasks as a central bank: our job is to keep prices stable – not to make profits.</p> <a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.en.html">Read about our Annual Accounts</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-2_199fcb6a8cb45de77291881257ca1907.jpg" data-image-webp="/home/shared/img/bas/box-2_199fcb6a8cb45de77291881257ca1907.webp" > </div> <div> <div> <span class="type">INTERVIEW</span> <span class="date">20 February 2025</span> </div> <h3> Accounting for climate and nature risks <br></h3> <p>We need to consider the green transition to deliver on our price stability mandate effectively, says Executive Board member Frank Elderson. This is why we are increasingly taking account of green transition policies, like climate-related fiscal policies, in our macroeconomic analyses.</p> <a href="/press/inter/date/2025/html/ecb.in250220~b64977064a.en.html" data-label="L-Ingliż">Read Frank Elderson’s interview</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-3_232b93e773d271ec86db3a7caa6583cc.jpg" data-image-webp="/home/shared/img/bas/box-3_232b93e773d271ec86db3a7caa6583cc.webp" > </div> <div> <div> <span class="type">FRAUD</span> </div> <h3> Beware of fraud <br></h3> <p>We are aware of fake websites soliciting people to invest with the ECB. This is a scam. We never ask people for investments, money or personal information. 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class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/pr/date/2025/html/ecb.pr250221~c0d1113d2c.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/pr/date/2025/html/ecb.pr250221~c0d1113d2c.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/pr/date/2025/html/ecb.pr250221~c0d1113d2c.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/pr/date/2025/html/ecb.pr250221~c0d1113d2c.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/pr/date/2025/html/ecb.pr250221~c0d1113d2c.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div></dd><dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2025/html/ecb.pr250220~eca25e4e21.en.html" >Financial statements of the ECB for 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2025/html/ecb.pr250220~eca25e4e21.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/pr/date/2025/html/ecb.pr250220~eca25e4e21.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/pr/date/2025/html/ecb.pr250220~eca25e4e21.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/pr/date/2025/html/ecb.pr250220~eca25e4e21.da.html"> <span 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href="/press/pr/date/2025/html/ecb.pr250220~eca25e4e21.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div></dd><dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2025/html/ecb.pr250220_1~ce3286f97b.en.html" data-label="L-Ingliż" >Eurosystem expands initiative to settle DLT-based transactions in central bank money</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2025/html/ecb.pr250220_1~ce3286f97b.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="fr" href="/press/pr/date/2025/html/ecb.pr250220_1~ce3286f97b.fr.pdf" data-label="Il-Franċiż"> <span class="ecb-full">Français</span></a></span></div></dd></dl> </div> <div class="click-for-more"><a href="/press/pr/html/index.en.html" data-label="L-Ingliż" class="arrow">L-ISTQARRIJIET GĦALL-ISTAMPA KOLLHA</a></div> </div> <input id="t3" name="homepage-tab-group" type="radio"> <label for="t3"><span class="arrow"></span>Diskorsi</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-21"><div class="date">21 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250221~21883413a1.en.pdf?6a7e615861e6dc7121a137145e54eea7" data-label="L-Ingliż" >Philip R. Lane: Europe and the world economy</a></div><div class="subtitle">Slides by Philip R. Lane, Member of the Executive Board of the ECB, at FIW-Research Conference on International Economics in Vienna, Austria</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2025/html/ecb.sp250221~21883413a1.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-18"><div class="date">18 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250218~cc20f3518c.en.html" data-label="L-Ingliż" >Piero Cipollone: Striking the right balance: the ECB’s balance sheet and its implications for monetary policy</a></div><div class="subtitle">Speech by Piero Cipollone, Member of the Executive Board of the ECB, at an MNI Connect webcast</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2025/html/ecb.sp250218~cc20f3518c.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2025-02-18"><div class="date">18 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250218_annex~10f361af3e.en.pdf?8257d4221b0e0681659198486484de8c" data-label="L-Ingliż" >Slides</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2025/html/ecb.sp250218_annex~10f361af3e.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2025-02-12"><div class="date">12 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250212~b69d86d8f2.en.html" data-label="L-Ingliż" >Frank Elderson: From concept to delivery: accounting for climate and nature in maintaining price stability and keeping banks safe and sound</a></div><div class="subtitle">Introductory remarks by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the MNI Webcast on Climate Change: Impact on Monetary Policy and Bank Supervision</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2025/html/ecb.sp250212~b69d86d8f2.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-11"><div class="date">11 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250211~bd3d2d056c.en.pdf?37fde84c24718b7e0cc8b26b525fb3db" data-label="L-Ingliż" >Isabel Schnabel: Escaping stagnation</a></div><div class="subtitle">Slides by Isabel Schnabel at the Nuremberg Talks Series' panel discussion organised by the Institut für Arbeitsmarkt- und Berufsforschung in Nürnberg, Germany</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2025/html/ecb.sp250211~bd3d2d056c.en.pdf" data-label="L-Ingliż"> <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/key/date/2025/html/ecb.sp250211~bd3d2d056c.de.pdf" data-label="Il-Ġermaniż"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a></div></div></div></dd><dt isoDate="2025-02-10"><div class="date">10 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250210~77679a7d66.en.html" data-label="L-Ingliż" >Christine Lagarde: European Parliament plenary debate on the ECB Annual Report</a></div><div class="subtitle">Speech by Christine Lagarde, President of the ECB, at the plenary session of the European Parliament</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2025/html/ecb.sp250210~77679a7d66.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd></dl> </div> <div class="click-for-more"><a href="/press/key/html/index.en.html" data-label="L-Ingliż" class="arrow">ID-DISKORSI KOLLHA</a></div> </div> <input id="t4" name="homepage-tab-group" type="radio"> <label for="t4"><span class="arrow"></span>Intervisti</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250220~b64977064a.en.html" data-label="L-Ingliż" >Frank Elderson: Interview with Nederlandse Vereniging Duurzame Energie (NVDE)</a></div><div class="subtitle">Interview with Frank Elderson, conducted by NVDE</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250220~b64977064a.en.html" data-label="L-Ingliż"> <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="nl" href="/press/inter/date/2025/html/ecb.in250220~b64977064a.nl.html" data-label="L-Olandiż"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a></div></div></div></dd><dt isoDate="2025-02-19"><div class="date">19 February 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250219~7ba1c7cf36.en.html" data-label="L-Ingliż" >Isabel Schnabel: Interview with the Financial Times</a></div><div class="subtitle">Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Olaf Storbeck on 14 February 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250219~7ba1c7cf36.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-06"><div class="date">6 February 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250206~69a68c13da.en.html" data-label="L-Ingliż" >Piero Cipollone: Interview with Reuters</a></div><div class="subtitle">Interview with Piero Cipollone, conducted by Balazs Koranyi and Francesco Canepa</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250206~69a68c13da.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-05"><div class="date">5 February 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250205~fdf3986704.en.html" data-label="L-Ingliż" >Luis de Guindos: Interview with Hospodárske Noviny</a></div><div class="subtitle">Interview with Luis de Guindos, Vice-President of the ECB, conducted by Mário Blaščák</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250205~fdf3986704.en.html" data-label="L-Ingliż"> <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="sk" href="/press/inter/date/2025/html/ecb.in250205~fdf3986704.sk.html" data-label="Is-Slovakk"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a></div></div></div></dd><dt isoDate="2025-01-17"><div class="date">17 January 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250117~ea23b381f0.en.html" data-label="L-Ingliż" >Frank Elderson: Interview with Het Financieele Dagblad</a></div><div class="subtitle">Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Arend Clahsen and Han Dirk Hekking</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250117~ea23b381f0.en.html" data-label="L-Ingliż"> <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="nl" href="/press/inter/date/2025/html/ecb.in250117~ea23b381f0.nl.html" data-label="L-Olandiż"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a></div></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/inter/html/index.en.html" data-label="L-Ingliż" class="arrow">L-INTERVISTI KOLLHA</a></div> </div> <input id="t5" name="homepage-tab-group" type="radio"> <label for="t5"><span class="arrow"></span>Il-Blog tal-BĊE</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250220~540b80f133.en.html" data-label="L-Ingliż" >Those who work less worry more: the effect of lower workloads on consumption</a></div><div class="subtitle">Euro area firms hold on to their workforce, despite poor economic conditions. For a significant share of workers this means a lower workload than usual. In turn, many put more money aside as they worry about job security and wages, as the ECB Blog shows.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/pedro-baptista.en.html" data-label="L-Ingliż" >Pedro Baptista</a></li><li><a href="/pub/research/authors/profiles/colm-bates.en.html" data-label="L-Ingliż" >Colm Bates</a></li><li><a href="/pub/research/authors/profiles/antonio-dias-da-silva.en.html" data-label="L-Ingliż" >António Dias Da Silva</a></li><li><a href="/pub/research/authors/profiles/maarten-dossche.en.html" data-label="L-Ingliż" >Maarten Dossche</a></li><li><a href="/pub/research/authors/profiles/marco-weissler.en.html" data-label="L-Ingliż" >Marco Weißler</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250220~540b80f133.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>J20</strong> : Labor and Demographic Economics→Demand and Supply of Labor→General<br/><strong>J30</strong> : Labor and Demographic Economics→Wages, Compensation, and Labor Costs→General<br/><strong>J50</strong> : Labor and Demographic Economics→Labor?Management Relations, Trade Unions, and Collective Bargaining→General<br/><strong>J60</strong> : Labor and Demographic Economics→Mobility, Unemployment, Vacancies, and Immigrant Workers→General<br/></dd></dl></div></div></dd><dt isoDate="2025-02-11"><div class="date">11 February 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250211~b1c08a62a1.en.html" data-label="L-Ingliż" >Why a more competitive economy matters for monetary policy</a></div><div class="subtitle">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. </div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/marinela-daniela-filip.en.html" data-label="L-Ingliż" >Marinela-Daniela Filip</a></li><li><a href="/pub/research/authors/profiles/daphne-momferatou.en.html" data-label="L-Ingliż" >Daphne Momferatou</a></li><li><a href="/pub/research/authors/profiles/susana-parraga-rodriguez.en.html" data-label="L-Ingliż" >Susana Parraga Rodriguez</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250211~b1c08a62a1.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E60</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General<br/></dd></dl></div></div></dd><dt isoDate="2025-02-05"><div class="date">5 February 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250205~44578cf53f.en.html" data-label="L-Ingliż" >What happens when US and euro area monetary policy decouple?</a></div><div class="subtitle">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.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/stefan-gebauer.en.html" data-label="L-Ingliż" >Stefan Gebauer</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" data-label="L-Ingliż" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/federic-holm-hadulla.en.html" data-label="L-Ingliż" >Fédéric Holm-Hadulla</a></li><li><a href="/pub/research/authors/profiles/thomas-kostka.en.html" data-label="L-Ingliż" >Thomas Kostka</a></li></ul></div><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="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/></dd></dl></div></div></dd><dt isoDate="2025-02-01"><div class="date">1 February 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250201~8dbc16838e.en.html" data-label="L-Ingliż" >Europe has strengths it can build on</a></div><div class="subtitle">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.</div><div class="authors"></div><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="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-01-20"><div class="date">20 January 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250120~00e4054399.en.html" data-label="L-Ingliż" >Luis de Guindos, Frank Elderson: Why prudent projections are the backbone of sound stress testing </a></div><div class="subtitle">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.</div><div class="authors"></div><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="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>G20</strong> : Financial Economics→Financial Institutions and Services→General<br/></dd></dl></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/blog/html/index.en.html" class="arrow">IL-BLOG POSTS KOLLHA</a></div> </div> <input id="t6" name="homepage-tab-group" type="radio"> <label for="t6"><span class="arrow"></span>Pubblikazzjonijiet</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="category">ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM</div><div class="title"><a href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.en.html" >Consolidated balance sheet of the Eurosystem as at 31 December 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.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" 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class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.eurosystembalancesheet2024~28f64426e5.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3033</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3033~a0050e4878.en.pdf?4d64ce933c7223824e89e3ee9b7ce906" data-label="L-Ingliż" >Firm ownership and the macroeconomics of incentive leakages</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/yunus-aksoy.en.html" data-label="L-Ingliż" >Yunus Aksoy</a></li><li><a href="/pub/research/authors/profiles/arup-daripa.en.html" data-label="L-Ingliż" >Arup Daripa</a></li><li><a href="/pub/research/authors/profiles/issam-samiri.en.html" data-label="L-Ingliż" >Issam Samiri</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3033~a0050e4878.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Questions about market power have become salient in macroeconomics. We consider the role of institutional structures in addressing these within a dynamic general equilibrium framework. Standard models account for monopoly profits as a lump-sum transfer to the representative agent. We label this an "incentive leakage," and show this to be a general characteristic of firm-optimal arrangements. We show that shareholder-operated or worker-operated firms that eliminate leakage can generate within-firm incentives that effectively reduce monopoly distortion in equilibrium. When all firms operate similarly, an additional general equilibrium effect arises through internalization of an aggregate demand externality. We characterize steady-state welfare across structures, and show how zero-leakage institutions lead to improvements towards the Golden Rule benchmark. Overall, our paper takes the first step towards an analysis of the macroeconomics of institutions without incentive leakage.</dd><dt>JEL Code</dt><dd><strong>E10</strong> : Macroeconomics and Monetary Economics→General Aggregative Models→General<br/><strong>E22</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity<br/><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>E25</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Aggregate Factor Income Distribution<br/></dd></dl></div></div></dd><dt isoDate="2025-02-19"><div class="date">19 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3032</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3032~2bb8eb5c3b.en.pdf?0e9257b3883aa14bee71384c76b665e4" data-label="L-Ingliż" >Fiscal and macroprudential policies during an energy crisis</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/romanos-priftis.en.html" data-label="L-Ingliż" >Romanos Priftis</a></li><li><a href="/pub/research/authors/profiles/raphael-schoenle.en.html" data-label="L-Ingliż" >Raphael Schoenle</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3032~2bb8eb5c3b.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>We construct a New-Keynesian E-DSGE model with energy disaggregation and financial intermediaries to show how energy-related fiscal and macroprudential policies interact in affecting the euro area macroeconomy and carbon emissions. When a shock to the price of fossil resources propagates through the energy and banking sector, it leads to a surge in inflation while lowering output and carbon emissions, absent policy interventions. By contrast, imposing energy production subsidies reduces both CPI and core inflation and increases aggregate output, while energy consumption subsidies only lower CPI inflation and reduce aggregate output. Carbon subsidies instead produce an intermediate effect. Given that both energy subsidies raise carbon emissions and delay the “green transition,” accompanying them with parallel macroprudential policy that taxes dirty energy assets in bank portfolios promotes “green” investment while enabling energy subsidies to effectively mitigate the adverse effects of supply-type shocks, witnessed in recent years in the EA.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E62</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy<br/><strong>H23</strong> : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies<br/><strong>Q43</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy<br/><strong>Q58</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy<br/></dd></dl></div></div></dd><dt isoDate="2025-02-18"><div class="date">18 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3031</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3031~a6e136032e.en.pdf?c621c8f418bc672d878d471e8c9113af" data-label="L-Ingliż" >Bank transparency and market efficiency</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/andreas-beyer.en.html" data-label="L-Ingliż" >Andreas Beyer</a></li><li><a href="/pub/research/authors/profiles/ernest-dautovic.en.html" data-label="L-Ingliż" >Ernest Dautović</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3031~a6e136032e.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper explores the impact of bank transparency on market efficiency by comparing banks that disclose supervisory capital requirements to those that remain opaque. Due to the informational content of supervisory capital requirements for the market this opacity might hinder market efficiency. The paper estimates an average 11.5% reduction in funding costs for transparent versus opaque banks. However, there is some heterogeneity in those effects. Transparency helps the market to sort across safer and riskier banks. Conditional on disclosure, the safest quartile of banks, those with a CET1 P2R lower than 1.5% of risk-weighted assets, benefits in average from 31.1% lower funding costs. The paper concludes that supervisory transparency is beneficial, supporting the view that supervisory transparency enhances market discipline by allowing markets to better evaluate and price the risk associated with each bank.</dd><dt>JEL Code</dt><dd><strong>D5</strong> : Microeconomics→General Equilibrium and Disequilibrium<br/><strong>E5</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>G18</strong> : Financial Economics→General Financial Markets→Government Policy and Regulation<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/></dd></dl></div></div></dd><dt isoDate="2025-02-18"><div class="date">18 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3030</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3030~acb29d20cc.en.pdf?1d3a997c602527730dd4f67d81ef9b38" data-label="L-Ingliż" >Green and brown returns in a production economy</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/ivan-jaccard.en.html" data-label="L-Ingliż" >Ivan Jaccard</a></li><li><a href="/pub/research/authors/profiles/thore-kockerols.en.html" data-label="L-Ingliż" >Thore Kockerols</a></li><li><a href="/pub/research/authors/profiles/yves-schueler.en.html" data-label="L-Ingliż" >Yves Schüler</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3030~acb29d20cc.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Does it pay to invest in green companies? In countries where a market for carbon is functioning, such as those within the European Union, our findings suggest that it should be beneficial. Using a sample of green and brown European firms, we initially demonstrate that green companies have outperformed brown ones in recent times. Subsequently, we develop a production economy model in which brown firms acquire permits to emit carbon into the atmosphere. We find that the presence of a well-functioning carbon market could account for the green equity premium observed in our data. Incorporating a preference for green financial assets is also unlikely to overturn our results.</dd><dt>JEL Code</dt><dd><strong>E32</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles<br/><strong>Q51</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Valuation of Environmental Effects<br/><strong>G18</strong> : Financial Economics→General Financial Markets→Government Policy and Regulation<br/></dd><dt>Network</dt><dd>Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP)</dd></dl></div></div></dd><dt isoDate="2025-02-17"><div class="date">17 February 2025</div></dt><dd><div class="category">SURVEY OF MONETARY ANALYSTS</div><div class="title"><a href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma250217_questionnaire.en.pdf?ec066f6900a0ad4c1182e860f9df48e8" data-label="L-Ingliż" >ECB Survey of Monetary Analysts (SMA), March 2025</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma250217_questionnaire.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-17"><div class="date">17 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3029</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3029~0ac8f8f674.en.pdf?d4cb38faafd9c9c4b2cb4e8a099b7d28" data-label="L-Ingliż" >Investment funds and euro disaster risk</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/pablo-anaya-longaric.en.html" data-label="L-Ingliż" >Pablo Anaya Longaric</a></li><li><a href="/pub/research/authors/profiles/katharina-cera.en.html" data-label="L-Ingliż" >Katharina Cera</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" data-label="L-Ingliż" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/christoph-kaufmann.en.html" data-label="L-Ingliż" >Christoph Kaufmann</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3029~0ac8f8f674.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>We document that compared to all other investor groups investment funds exhibit a distinctly procyclical behavior when financial-market beliefs about the probability of a euro-related, institutional rare disaster spike. In response to such euro disaster risk shocks, investment funds shed periphery but do not adjust core sovereign debt holdings. The periphery debt shed by investment funds is picked up by investors domiciled in the issuing country, namely banks in the short term and insurance corporations and households in the medium term.</dd><dt>JEL Code</dt><dd><strong>F34</strong> : International Economics→International Finance→International Lending and Debt Problems<br/><strong>F45</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2025-02-17"><div class="date">17 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3028</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3028~e58ecc9133.en.pdf?fa02d5bec1aca570fc935e7491067462" data-label="L-Ingliż" >The taming of the skew: asymmetric inflation risk and monetary policy</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/ivan-petrella.en.html" data-label="L-Ingliż" >Ivan Petrella</a></li><li><a href="/pub/research/authors/profiles/andrea-de-polis.en.html" data-label="L-Ingliż" >Andrea De Polis</a></li><li><a href="/pub/research/authors/profiles/leonardo-melosi.en.html" data-label="L-Ingliż" >Leonardo Melosi</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3028~e58ecc9133.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>We document that inflation risk in the U.S. varies significantly over time and is often asymmetric. To analyze the macroeconomic effects of these asymmetric risks within a tractable framework, we construct the beliefs representation of a general equilibrium model with skewed distribution of markup shocks. Optimal policy requires shifting agents’ expectations counter to the direction of inflation risks. We perform counterfactual analyses using a quantitative general equilibrium model to evaluate the implications of incorporating real-time estimates of the balance of inflation risks into monetary policy communications and decisions.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E31</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation<br/><strong>C53</strong> : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods<br/></dd></dl></div></div></dd><dt isoDate="2025-02-14"><div class="date">14 February 2025</div></dt><dd><div class="category">LETTERS TO MEPS</div><div class="title"><a href="/pub/pdf/other/ecb.mepletter250214_Fernandez~464be25151.en.pdf?0b11941a16864ba58de3c094c0e6744e" data-label="L-Ingliż" >Letter from the ECB President to Mr Jonás Fernández, MEP, on energy and inflation</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.mepletter250214_Fernandez~464be25151.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-14"><div class="date">14 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3027</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3027~e0eed68204.en.pdf?dfefc5c33d0da6ea0320d8700ae114b1" data-label="L-Ingliż" >Climate change policies and technologies: diffusion and interaction with institutions and governance</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/vincent-labhard.en.html" data-label="L-Ingliż" >Vincent Labhard</a></li><li><a href="/pub/research/authors/profiles/jonne-lehtimaeki.en.html" data-label="L-Ingliż" >Jonne Lehtimäki</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3027~e0eed68204.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Climate change is a global-scale structural change, affecting economies across the world, alongside global fragmentation, digitalisation and demographics. This paper analyses the diffusion of climate policies and technologies and the role of institutions and governance in that process. It discusses theory, models and data available to date, and the empirical evidence for the 20 European Union and all 40 countries covered by the OECD’s Environmental Policy Stringency index. The results indicate that institutions and governance have significant effects towards a greater speed and spread of diffusion of climate policies and technologies, and that separating the speed and spread effects is essential for assessing the green transition.</dd><dt>JEL Code</dt><dd><strong>E02</strong> : Macroeconomics and Monetary Economics→General→Institutions and the Macroeconomy<br/><strong>O11</strong> : Economic Development, Technological Change, and Growth→Economic Development→Macroeconomic Analyses of Economic Development<br/><strong>Q20</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Renewable Resources and Conservation→General<br/><strong>Q55</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Technological Innovation<br/><strong>Q58</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3026</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3026~8b2199688d.en.pdf?db28dd98f5255340df66f452cf4f0ab7" data-label="L-Ingliż" >Institutional investors and house prices</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/emil-bandoni.en.html" data-label="L-Ingliż" >Emil Bandoni</a></li><li><a href="/pub/research/authors/profiles/giorgia-de-nora.en.html" data-label="L-Ingliż" >Giorgia De Nora</a></li><li><a href="/pub/research/authors/profiles/margherita-giuzio.en.html" data-label="L-Ingliż" >Margherita Giuzio</a></li><li><a href="/pub/research/authors/profiles/ellen-ryan.en.html" data-label="L-Ingliż" >Ellen Ryan</a></li><li><a href="/pub/research/authors/profiles/manuela-storz.en.html" data-label="L-Ingliż" >Manuela Storz</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3026~8b2199688d.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Institutional investors, such as investment funds, are playing an increasingly important role in residential real estate markets. This raises the possibility that their actions might drive aggregate market outcomes and may change how and which macrofinancial shocks transmit to house prices. In a Bayesian vector autoregression setting, we show that a demand shock from institutional investors has a positive and persistent effect on aggregate euro area house price growth and mortgage lending volumes. Institutional investors also increase their purchase activity following a loosening of monetary policy. Exploiting regional heterogeneity in eight euro area countries, we show in a panel regression setting that institutional investors weaken the link between house price growth and local economic fundamentals, but strengthen the sensitivity to monetary policy and financial market developments.</dd><dt>JEL Code</dt><dd><strong>R31</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Housing Supply and Markets<br/><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd><dt>Network</dt><dd>Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP)</dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3025</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3025~c975fbec45.en.pdf?c304ac6f29a57a05614c9e857a0bec0a" data-label="L-Ingliż" >Mitigating fragility in open-ended investment funds: the role of redemption restrictions</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/luis-molestina-vivar.en.html" data-label="L-Ingliż" >Luis Molestina Vivar</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3025~c975fbec45.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Using supervisory data of alternative investment funds investing in bonds, I exploit the COVID-19 crisis to examine the effectiveness of redemption restrictions from a financial stability perspective. First, I find that redemption restrictions reduced outflows during the March 2020 market turmoil but did not result in higher outflows in the periods following the crisis episode. Second, I find that funds with higher redemption restrictions engaged less in procyclical cash hoarding during the COVID-19 crisis period, even after controlling for the size of their outflows. Third, I find that redemption restrictions do not have a significant impact on the sensitivity of investor inflows to good performance, but they significantly reduce the sensitivity of outflows to bad performance. These findings suggest that redemption restrictions can mitigate fragility in open-ended investment funds.</dd><dt>JEL Code</dt><dd><strong>G11</strong> : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions<br/><strong>G15</strong> : Financial Economics→General Financial Markets→International Financial Markets<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN</div><div class="title"><a href="/press/economic-bulletin/html/eb202501.en.html" data-label="L-Ingliż" >Economic Bulletin Issue 1, 2025</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/html/eb202501.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/ecbu/eb202501.en.pdf" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_07~c37ab82e06.en.html" data-label="L-Ingliż" >From press conferences to speeches: the impact of the ECB’s monetary policy communication</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/yldz-akkaya.en.html" data-label="L-Ingliż" >Yıldız Akkaya</a></li><li><a href="/pub/research/authors/profiles/lea-bitter.en.html" data-label="L-Ingliż" >Lea Bitter</a></li><li><a href="/pub/research/authors/profiles/adriana-grasso.en.html" data-label="L-Ingliż" >Adriana Grasso</a></li><li><a href="/pub/research/authors/profiles/brian-amorim-cabaco.en.html" data-label="L-Ingliż" >Brian Amorim Cabaco</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_07~c37ab82e06.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Monetary policy communication is important for managing policy expectations and enhancing the effectiveness of central bank policy decisions. The prevalence of topics in the ECB’s communication has shifted over time with the focus of its work: from the creation and introduction of the euro to addressing financial crises with new policy instruments, and more recently, to tackling the effects of the 2021-22 inflation surges. The analysis shows that, while press releases and monetary policy statements following Governing Council meetings lead to significant immediate changes in asset prices, communication taking place between these meetings also has a meaningful impact, with a substantial cumulative effect over time. A holistic understanding of the impact of Governing Council communication – both immediately after its meetings and between one meeting and the next – is central for managing expectations and shaping monetary policy outcomes.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>E61</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_06~ee8cc616b7.en.html" data-label="L-Ingliż" >Changes to the Eurosystem collateral framework to foster greater harmonisation</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/diana-gomes.en.html" data-label="L-Ingliż" >Diana Gomes</a></li><li><a href="/pub/research/authors/profiles/stephan-sauer.en.html" data-label="L-Ingliż" >Stephan Sauer</a></li><li><a href="/pub/research/authors/profiles/ioana-alexopoulou.en.html" data-label="L-Ingliż" >Ioana Alexopoulou</a></li><li><a href="/pub/research/authors/profiles/calogero-brancatelli.en.html" data-label="L-Ingliż" >Calogero Brancatelli</a></li><li><a href="/pub/research/authors/profiles/daniel-gybas.en.html" data-label="L-Ingliż" >Daniel Gybas</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_06~ee8cc616b7.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>The collateral framework for Eurosystem credit operations contributes to an effective, robust, flexible and efficient implementation of the ECB’s monetary policy. The framework has evolved over time, primarily in response to economic and financial market developments, supporting bank lending and the provision of liquidity. Recent Governing Council decisions will increase the harmonisation of the framework, while simultaneously preserving a broad collateral basis.</dd><dt>JEL Code</dt><dd><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>E65</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Studies of Particular Policy Episodes<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_04~ff5de054b8.en.html" data-label="L-Ingliż" >The economic impact of floods</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/guzman-gonzalez-torres-fernandez.en.html" data-label="L-Ingliż" >Guzman Gonzalez-Torres Fernandez</a></li><li><a href="/pub/research/authors/profiles/miles-parker.en.html" data-label="L-Ingliż" >Miles Parker</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_04~ff5de054b8.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Major floods have become recurrent events in Europe and their frequency is set to increase with climate change. Drawing on several pieces of ECB analysis, we show that the economic effects depend largely on economic and institutional factors at the regional level. There is evidence of high-income regions “building back better”, whereas lower-income regions can suffer prolonged periods of lower activity. Insurance and spending on adaptation measures like flood defences can already contain the potential damages from further extreme weather events in the near future.</dd><dt>JEL Code</dt><dd><strong>D24</strong> : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity<br/><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>J22</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Time Allocation and Labor Supply<br/><strong>R11</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→Regional Economic Activity: Growth, Development, Environmental Issues, and Changes<br/><strong>Q54</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_03~724abc0d74.en.html" data-label="L-Ingliż" >The role of demographics in recent developments in the unemployment rate</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/clemence-berson.en.html" data-label="L-Ingliż" >Clémence Berson</a></li><li><a href="/pub/research/authors/profiles/antonio-dias-da-silva.en.html" data-label="L-Ingliż" >António Dias Da Silva</a></li><li><a href="/pub/research/authors/profiles/marco-weissler.en.html" data-label="L-Ingliż" >Marco Weißler</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_03~724abc0d74.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>The euro area unemployment rate has been declining for the past two years. This box explores the role of labour supply factors in driving this decline. To this end, it examines in particular whether changes in the labour force composition of certain demographic groups have contributed to this trend. The results show that, even within the relatively short time frame considered, shifts in the labour force composition – and especially the rising proportions of older workers and workers with a tertiary education – have contributed to reducing the unemployment rate.</dd><dt>JEL Code</dt><dd><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>J11</strong> : Labor and Demographic Economics→Demographic Economics→Demographic Trends, Macroeconomic Effects, and Forecasts<br/><strong>J21</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Labor Force and Employment, Size, and Structure<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_02~0d9f9c54b9.en.html" data-label="L-Ingliż" >Are real incomes increasing or not? Household perceptions and their role for consumption</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/georgi-kocharkov.en.html" data-label="L-Ingliż" >Georgi Kocharkov</a></li><li><a href="/pub/research/authors/profiles/omiros-kouvavas.en.html" data-label="L-Ingliż" >Omiros Kouvavas</a></li><li><a href="/pub/research/authors/profiles/adam-baumann.en.html" data-label="L-Ingliż" >Adam Baumann</a></li><li><a href="/pub/research/authors/profiles/luca-caprari.en.html" data-label="L-Ingliż" >Luca Caprari</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_02~0d9f9c54b9.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>The inflation surge seen in the past few years has had a negative impact on consumer perceptions about real incomes. These perceptions seem to persist even as real income has actually improved over time. This behaviour, which can be seen as a form of pessimism, is particularly strong among lower and middle-income households and has had a negative impact on actual consumption. These findings underscore the importance of perceptions in economic behaviour. As pessimism following large economic shocks typically disappears, albeit gradually, consumption should gain momentum as perceptions about real incomes improve.</dd><dt>JEL Code</dt><dd><strong>D84</strong> : Microeconomics→Information, Knowledge, and Uncertainty→Expectations, Speculations<br/><strong>D91</strong> : Microeconomics→Intertemporal Choice→Intertemporal Household Choice, Life Cycle Models and Saving<br/><strong>E21</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth<br/><strong>G51</strong> : Financial Economics<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_01~6b8d50475c.en.html" data-label="L-Ingliż" >The outlook for services inflation in the United States and the United Kingdom</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/filippo-arigoni.en.html" data-label="L-Ingliż" >Filippo Arigoni</a></li><li><a href="/pub/research/authors/profiles/baptiste-meunier.en.html" data-label="L-Ingliż" >Baptiste Meunier</a></li><li><a href="/pub/research/authors/profiles/isabella-moder.en.html" data-label="L-Ingliż" >Isabella Moder</a></li><li><a href="/pub/research/authors/profiles/adrian-schmith.en.html" data-label="L-Ingliż" >Adrian Schmith</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_01~6b8d50475c.en.html" data-label="L-Ingliż"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>While headline inflation has decelerated significantly across advanced economies in the past two years, services inflation has remained high. This box examines the key factors influencing services inflation in the United States and the United Kingdom, highlighting the role of labour market tightness and catch-up dynamics in non-rent services inflation, and the contribution of rent inflation to overall services inflation. Looking ahead, services inflation is expected to moderate amid a lower contribution from catch-up inflation dynamics, a cooling of labour markets and decreasing inflation for new rental agreements.</dd><dt>JEL Code</dt><dd><strong>E31</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation<br/><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>C22</strong> : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models &bull Diffusion Processes<br/><strong>C32</strong> : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic 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