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granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for The euro"></a><a href="/euro/html/index.en.html" title="visit page The euro">The euro</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">First progress report on the preparation phase of a digital euro</div> <div class="image-date">24 June 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Digital euro"></a><a href="/euro/digital_euro/html/index.en.html" title="visit page Digital euro">Digital euro</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for What it is"></a><a href="/euro/digital_euro/features/html/index.en.html" title="visit page What it is">What it is</a><ul><li><a href="/euro/digital_euro/features/privacy/html/index.en.html" title="visit page Digital euro and privacy">Digital euro and privacy</a></li></ul></li><li><a href="/euro/digital_euro/how-it-works/html/index.en.html" title="visit page How it works">How it 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href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main >  <div class="title"> <h1>ECB research agenda</h1> </div> <div class="intro"> <div class="quote -aside -stars-watermark"> <blockquote> <p>The ECB commits significant resources to research because good research is the foundation of good policy</p> </blockquote> <p>Economic, monetary and financial research is conducted by the Directorate General Research together with other business areas of the bank. All research is carried out under the umbrella of the Research Coordination Committee, fostering cooperation and coordination. The committee develops a common research agenda for the ECB, with annual reporting on activities to the Executive Board. The research work is coordinated across research groups, organised by topic, with members from across the organisation.</p> </div> </div> <div class="cards undefined -three-columns -overlay"> <div class="container"> <div class="main-header"> <h2>Research topics</h2> </div> <div class=" wrapper "> <div class=" box "> <div class="header"> <div class="title">Monetary policy, strategy and implementation</div> </div> <div class="content-box"> <div data-image="/pub/economic-research/shared/img/monpol_1000x750.jpg"></div> <p>We do research to better understand how monetary policy decisions affect the economy, so that we can devise the most appropriate policy response to any situation.</p> <a href="/pub/economic-research/research_agenda/monetary_policy/html/index.en.html">Read more</a> </div> </div> <div class=" box "> <div class="header"> <div class="title">Fiscal policy within EMU</div> </div> <div class="content-box"> <div data-image="/pub/economic-research/shared/img/fispol_1000x750.jpg"></div> <p>This strand of research helps us gain a better understanding of fiscal policies in the euro area and how they affects economic growth, inflation and financial stability.</p> <a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.en.html">Read more</a> </div> </div> <div class=" box "> <div class="header"> <div class="title">International macro and finance</div> </div> <div class="content-box"> <div data-image="/pub/economic-research/shared/img/international_1000x750.jpg"></div> <p>We research trends in global production and trade, capital flows, exchange rates, commodity prices and macroeconomic policy so that we can estimate their impact on the euro area economy.</p> <a href="/pub/economic-research/research_agenda/international/html/index.en.html">Read more</a> </div> </div> <div class=" box "> <div class="header"> <div class="title">Real sector and microeconomic analysis</div> </div> <div class="content-box"> <div data-image="/pub/economic-research/shared/img/real_1000x750.jpg"></div> <p>Labour and product markets are another important strand of research. We look at the evolution of labour markets and labour productivity, and also analyse price-setting in the euro area.</p> <a href="/pub/economic-research/research_agenda/real_sector/html/index.en.html">Read more</a> </div> </div> <div class=" box "> <div class="header"> <div class="title">Forecasting and business cycle analysis</div> </div> <div class="content-box"> <div data-image="/pub/economic-research/shared/img/forecasting_1000x750.jpg"></div> <p>Forecasting research is crucial to ensure that we have state-of-the-art tools for policymaking. We develop nowcasting tools and study how best to track economic conditions.</p> <a href="/pub/economic-research/research_agenda/forecasting/html/index.en.html">Read more</a> </div> </div> <div class=" box "> <div class="header"> <div class="title">Macro-finance, systemic risk and macroprudential policy</div> </div> <div class="content-box"> <div data-image="/pub/economic-research/shared/img/macro_1000x750.jpg"></div> <p>Given the key role of financial markets in the transmission of monetary policy, we research issues related to macro-financial linkages, financial instability, contagion and macroprudential policies.</p> <a href="/pub/economic-research/research_agenda/macro-finance/html/index.en.html">Read more</a> </div> </div> <div class=" box "> <div class="header"> <div class="title">Financial institutions, microprudential policy, financial markets and payments</div> </div> <div class="content-box"> <div data-image="/pub/economic-research/shared/img/financial_1000x750.jpg"></div> <p>We study banking regulation, financial integration, asset pricing, corporate finance, market infrastructure, fintech and digital currencies, as well as central bank liquidity and collateral policies.</p> <a href="/pub/economic-research/research_agenda/financial_institutions/html/index.en.html">Read more</a> </div> </div> </div> </div> </div> <div class="explainer-box undefined" data-image="/pub/shared/img/why-research_2560x750.jpg"> <div class="wrapper"> <div class="bubble-box">NOT AN EXPERT? <strong>CHECK OUT OUR EXPLAINER</strong></div> <a href="/ecb-and-you/explainers/tell-me-more/html/research.en.html"> <div><span>LEARN MORE</span></div> Why does the ECB conduct research? </a> </div> </div> <div class="see-also-boxes undefined -align-center -two-columns"> <div class="headline">SEE ALSO</div> <h2>Find out more about related content</h2> <div class=" container "> <div class=" content-box "> <div data-image="/pub/shared/img/ecb-researchers_1000x750.jpg"></div> <h3>Our researchers</h3> <p>Explore a list of all of our researchers by research interest or business area. Their work provides the foundations for the ECB’s decisions in all policy areas.</p> <a href="/pub/researchers/html/index.en.html">Browse the list of reseachers</a> </div> <div class=" content-box "> <div data-image="/pub/economic-research/shared/img/opportunities_for_researchers.jpg"></div> <h3>Employment opportunities</h3> <p>The Directorate General Research offer exciting and challenging employment opportunities for researchers at every stage of their career.</p> <a href="/pub/economic-research/programmes/html/index.en.html">Explore your options</a> </div> </div> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>All pages in this section</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Are you happy with this page?</div> <a class="button -inverted-color" id="feedback-yes">Yes</a> <a class="button -inverted-color" id="feedback-no">No</a> </div> <div class="second hidden"> <div class="title">What made you unhappy?</div> <a class="button -inverted-color" id="feedback-broken">Page not working</a> <a class="button -inverted-color" id="feedback-content">Information not useful</a> <a class="button -inverted-color" id="feedback-design">Design not attractive</a> <a class="button -inverted-color" id="feedback-other">Something else</a> </div> <div class="final hidden"> <div class="title">Thank you for letting us know!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"> <a href="/home/sitedir/html/index.en.html" title="Site Directory">Site directory</a> </div> <div class="socialLinks"> <a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Official social media channels">FOLLOW US</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="Soundcloud"></a> <a href="/rss" class="rss" title="RSS news feeds"></a> </div> </div><div class="ecb-footerBottom"> <p><span>Copyright 2024, </span>European Central Bank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Useful links</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Work with us</a></li> <li><a href="/services/glossary/html/index.en.html">Glossary</a></li> <li><a href="/services/links/html/index.en.html">Other institutions</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Using our site</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Disclaimer & Copyright</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Privacy statement</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Language policy</a></li> <li><a href="/services/using-our-site/technical-updates/html/index.en.html">Technical updates to this site</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Corporate Policies</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Data Protection</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a></li> <li><a href="/services/responsible-disclosure/html/index.en.html">Responsible disclosure</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Contact</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/ecb/contacts/html/index.en.html">Contacts</a></li> <li><a href="/services/contacts/address/html/index.en.html">Address</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Public holidays</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; 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