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title="toggle subpages for Monetary policy & markets"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Monetary policy & markets</div> <p>Our monetary policy strategy, the tools we use and the impact they have</p> <a href="/mopo/html/index.en.html">Overview of monetary policy and markets</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">What is monetary policy?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a></li> </ul> </div> <a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest monetary policy press conference</div> <div class="image-date">17 October 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.en.html">Introduction</a><a href="#" class="subpages" title="toggle subpages for Introduction"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.en.html">Benefits of price stability</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.en.html">Scope of monetary policy</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.en.html">Transmission mechanism</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.en.html">Decisions, statements & accounts</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.en.html">Monetary policy strategy</a><a href="#" class="subpages" title="toggle subpages for Monetary policy strategy"></a><ul><li class="clearfix"><a 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system</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.en.html">International market operations</a><a href="#" class="subpages" title="toggle subpages for International market operations"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.en.html">Euro central bank liquidity lines</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.en.html">Emergency liquidity assistance (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.en.html">Liquidity analysis</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.en.html">Collateral</a><a href="#" class="subpages" title="toggle subpages for Collateral"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.en.html">Eligibility criteria and assessment</a><a href="#" class="subpages" title="toggle subpages for Eligibility criteria and assessment"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.en.html">Marketable assets</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.en.html">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.en.html">List of eligible marketable assets</a><a href="#" class="subpages" title="toggle subpages for List of eligible marketable assets"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.en.html">User guide</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.en.html">Mobilising collateral</a><a href="#" class="subpages" title="toggle subpages for Mobilising collateral"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.en.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.en.html">Eligible SSSs</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.en.html">Eligible links</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.en.html">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.en.html">Risk mitigation</a><a href="#" class="subpages" title="toggle subpages for Risk mitigation"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.en.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.en.html">Risk control</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.en.html">Haircut categories</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.en.html">Valuation</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.en.html">Loan-level requirements</a><a href="#" class="subpages" title="toggle subpages for Loan-level requirements"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.en.html">Data templates</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.en.html">Eligibility requirements</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.en.html">Contacts</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.en.html">Structure of the euro area economy</a><a href="#" class="subpages" title="toggle subpages for Structure of the euro area economy"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.en.html">Economic policy</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.en.html">Fiscal policies</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.en.html">External trade</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.en.html">Effective exchange rates</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.en.html">Financial structure</a></li><li 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href="/mopo/market-contact-groups/omg/html/index.en.html">ECB Operations managers group (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.en.html">Foreign exchange (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.en.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments infrastructure</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents and links</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">Latest Financial Stability Review</div> <div class="image-date">16 May 2024</div> </a> </div></div><ul><li class="clearfix"><span>Payments</span></li><li class="has-subpages"><a href="/paym/target/html/index.en.html">TARGET Services</a><a href="#" class="subpages" title="toggle subpages for TARGET Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.en.html">Shared features</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.en.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.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.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.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" class="subpages" title="toggle subpages for TARGET professional use documents & links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared features documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html">T2 documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html">T2S documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html">TIPS documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</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">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.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.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for 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="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.en.html">Banknotes</a><a href="#" class="subpages" title="toggle subpages for Banknotes"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.en.html">Future banknotes</a><a href="#" class="subpages" title="toggle subpages for Future banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html">Redesign process</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.en.html">Current banknotes</a><a href="#" class="subpages" title="toggle subpages for Current banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.en.html">Denominations</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.en.html">Design elements</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.en.html">Security features</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.en.html">Anti-counterfeiting</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.en.html">Banknote production and stocks</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.en.html">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.en.html">Environment, health and safety</a><a href="#" class="subpages" title="toggle subpages for Environment, health and safety"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.en.html">Product environmental footprint</a></li></ul></li><li 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But there are no significant risks of an undershoot of inflation that would warrant a response from monetary policy.</p> <a href="/press/inter/date/2024/html/ecb.in241127~4456781790.en.html">Read Isabel's interview</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-2_2d4ee491e65bbd54d9b32c5cbd4878df.jpg" data-image-webp="/home/shared/img/bas/box-2_2d4ee491e65bbd54d9b32c5cbd4878df.webp" > </div> <div> <div> <span class="type">INTERVIEW</span> <span class="date">26 November 2024</span> </div> <h3> A data-led path to price stability <br></h3> <p>We will keep making our monetary policy stance less restrictive as inflation approaches our target, Vice-President Luis de Guindos tells Helsingin Sanomat. Nevertheless, a meeting-by-meeting approach will help us maintain the necessary flexibility amid uncertainty.</p> <a href="/press/inter/date/2024/html/ecb.in241126~e616a1e482.en.html">Read the interview</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-3_c8f859e9b2c58f0dd6d65c4a62e14713.jpg" data-image-webp="/home/shared/img/bas/box-3_c8f859e9b2c58f0dd6d65c4a62e14713.webp" > </div> <div> <div> <span class="type">THE ECB BLOG</span> <span class="date">28 November 2024</span> </div> <h3> Macroprudential policies for non-banks <br></h3> <p>The European Commission has requested opinions on macroprudential policies for the financial sector beyond banks. The ECB Blog outlines what a macroprudential approach for non-banks should look like and emphasises the need for further policy framework development.</p> <a href="/press/blog/date/2024/html/ecb.blog20241128~09c5bff32d.en.html">Read The ECB Blog</a> </div> </div> </div> </div> <input id="t2" name="homepage-tab-group" type="radio"> <label for="t2"><span class="arrow"></span>Press releases</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="category">MONETARY DEVELOPMENTS IN THE EURO AREA</div><div class="title"><a href="/press/stats/md/html/ecb.md2410~9e01d5dea4.en.html" >Monetary developments in the euro area: October 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/stats/md/html/ecb.md2410~9e01d5dea4.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span 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href="/press/pdf/md/ecb.md2410_annex~aa40d10ce9.en.pdf?f83b0b33ac07cd7f2abab506b36f6479" >Table: Annex to the press release on monetary developments in the euro area</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/pdf/md/ecb.md2410_annex~aa40d10ce9.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-26"><div class="date">26 November 2024</div></dt><dd><div class="category">WEEKLY FINANCIAL STATEMENT</div><div class="title"><a href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.en.html" >Consolidated financial statement of the Eurosystem as at 22 November 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span 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href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-26"><div class="date">26 November 2024</div></dt><dd><div class="category">WEEKLY FINANCIAL STATEMENT - COMMENTARY</div><div class="title"><a href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241126.en.html" >Commentary</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241126.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="es" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241126.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.en.html" >Euro area financial stability vulnerabilities remain elevated in a volatile environment</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.de.pdf" data-label="German"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.fr.pdf" data-label="French"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">WEEKLY FINANCIAL STATEMENT</div><div class="title"><a href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.en.html" >Consolidated financial statement of the Eurosystem as at 15 November 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(22)</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/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.da.html"> <span class="ecb-full">Dansk</span><span class="ecb-short">DA</span></a><a lang="de" 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href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.mt.html"> <span class="ecb-full">Malti</span><span class="ecb-short">MT</span></a><a lang="nl" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.sk.html"> <span 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href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241119.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="es" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241119.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" >Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.de.pdf" data-label="German"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.fr.pdf" data-label="French"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">FAQ</div><div class="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" >FAQ on one-off “Fit-for-55” climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" >Can our financial system support the green transition when the going gets tough?</a></div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd> </dl> </div> <div class="click-for-more"> <a href="/press/pr/html/index.en.html" class="arrow">ALL PRESS RELEASES</a> </div> </div> <input id="t3" name="homepage-tab-group" type="radio"> <label for="t3"><span class="arrow"></span>Speeches</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-25"><div class="date">25 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241125~df4c5a69c7.en.html" >Philip R. Lane: Monetary policy under uncertainty</a></div><div class="subtitle">Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of England Watchers’ Conference 2024, King’s College London</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241125~df4c5a69c7.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-22"><div class="date">22 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241122_1~bb56860134.en.html" >Isabel Schnabel: Reassessing monetary policy tools in a volatile macroeconomic environment</a></div><div class="subtitle">Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the BIS Colloquium in honour of Claudio Borio, Head of the Monetary and Economic Department, in Basel, Switzerland</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241122_1~bb56860134.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241114~af51032e63.en.html" >Reassessing monetary policy tools in a volatile macroeconomic environment</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241114~af51032e63.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-22"><div class="date">22 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241122~fb84170883.en.html" >Christine Lagarde: Follow the money: channelling savings into investment and innovation in Europe</a></div><div class="subtitle">Speech by Christine Lagarde, President of the ECB, at the 34th European Banking Congress: "Out of the Comfort Zone: Europe and the New World Order"</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(4)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="de" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="es" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a></div></div></div></dd><dt isoDate="2024-11-21"><div class="date">21 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241121_2~a4cbddd0f2.en.pdf?0a074e9d5dd77aa234f5fff02e030156" >Philip R. Lane: Navigating a fragmenting global trading system: insights for central banks</a></div><div class="subtitle">Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the 27th Annual Research Conference “The Macroeconomic Effects of Geopolitical Uncertainty” organised by De Nederlandsche Bank in Amsterdam, Netherlands</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2024/html/ecb.sp241121_2~a4cbddd0f2.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-21"><div class="date">21 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241121_1~c83f445c4d.en.html" >Frank Elderson: Securing stability in an insecure environment: navigating a bottleneck economy</a></div><div class="subtitle">Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the University of Cyprus, Nicosia</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241121_1~c83f445c4d.en.html"> <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="English" class="arrow">ALL SPEECHES</a> </div> </div> <input id="t4" name="homepage-tab-group" type="radio"> <label for="t4"><span class="arrow"></span>Interviews</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241128~6c39614410.en.html" >Christine Lagarde: Interview with the Financial Times</a></div><div class="subtitle">Interview with Christine Lagarde, President of the ECB, conducted by Roula Khalaf, Patrick Jenkins and Olaf Storbeck on 25 November 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241128~6c39614410.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-27"><div class="date">27 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241127~4456781790.en.html" >Isabel Schnabel: Interview with Bloomberg</a></div><div class="subtitle">Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mark Schrörs and Alexander Weber on 25 November 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241127~4456781790.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-26"><div class="date">26 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241126~e616a1e482.en.html" >Luis de Guindos: Interview with Helsingin Sanomat</a></div><div class="subtitle">Interview with Luis de Guindos, Vice-President of the ECB, conducted by Petri Sajari</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241126~e616a1e482.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-25"><div class="date">25 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241125~d2994238e8.en.html" >Philip R. Lane: Interview with Les Echos</a></div><div class="subtitle">Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Guillaume Benoit on 19 November 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241125~d2994238e8.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="fr" href="/press/inter/date/2024/html/ecb.in241125~d2994238e8.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd><dt isoDate="2024-10-31"><div class="date">31 October 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241031~b75e4399e8.en.html" >Christine Lagarde: Interview with Le Monde </a></div><div class="subtitle">Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241031~b75e4399e8.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="fr" href="/press/inter/date/2024/html/ecb.in241031~b75e4399e8.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd> </dl> </div> <div class="click-for-more"> <a href="/press/inter/html/index.en.html" data-label="English" class="arrow">ALL INTERVIEWS</a> </div> </div> <input id="t5" name="homepage-tab-group" type="radio"> <label for="t5"><span class="arrow"></span>The ECB Blog</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241128~09c5bff32d.en.html" >Financial intermediation beyond banks: taking a macroprudential approach </a></div><div class="subtitle">The European Commission is seeking the views of stakeholders on policies to guard against the build-up of systemic risk in the financial sector beyond banks. This ECB Blog post describes the pillars of a macroprudential approach for the so-called non-bank financial sector and explains the need to further develop the policy framework.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/francois-haas.en.html" >François Haas</a></li><li><a href="/pub/research/authors/profiles/cornelia-holthausen.en.html" >Cornelia Holthausen</a></li><li><a href="/pub/research/authors/profiles/vasileios-madouros.en.html" >Vasileios Madouros</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241128~09c5bff32d.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" >Luis de Guindos: Can our financial system support the green transition when the going gets tough?</a></div><div class="subtitle">Meeting the EU’s climate neutrality targets calls for deep structural changes and significant private funding, requiring a healthy financial system. That’s why we’ve tested how resilient banks, investment funds and insurers are to stresses arising during the green transition. ECB Vice-President Luis de Guindos explains the findings.</div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" >Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.de.pdf" data-label="German"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.fr.pdf" data-label="French"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" >FAQ on one-off “Fit-for-55” climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog241114~6a3182c0bd.en.html" >Quantitative Tightening: How do shrinking Eurosystem bond holdings affect long-term interest rates?</a></div><div class="subtitle">The Eurosystem has started to reduce its bond holdings. This ECB Blog post investigates how strongly the shrinking balance sheet affects long-term interest rates. Estimates based on the Survey of Monetary Analysts suggest: an expected €1 trillion reduction in bond holdings may raise long-term risk-free interest rates by about 35 bps.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/yldz-akkaya.en.html" >Yıldız Akkaya</a></li><li><a href="/pub/research/authors/profiles/john-hutchinson.en.html" >John Hutchinson</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog241114~6a3182c0bd.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E50</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/></dd></dl></div></div></dd><dt isoDate="2024-11-12"><div class="date">12 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241112~8eff6b9405.en.html" >Christine Lagarde: Mind the gap: what it takes to finance a greener future</a></div><div class="subtitle">Complacency in fighting climate change and preserving biodiversity is endangering our economic survival. The longer we wait, the higher the costs will be. Christine Lagarde, President of the European Central Bank, warns of the growing gap between the commitments made and the investment needed.</div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241112~8eff6b9405.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-01"><div class="date">1 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.en.html" >Piero Cipollone: The digital euro: what’s in it for you?</a></div><div class="subtitle">As they juggle various cards, apps and devices, most Europeans find that digital payments have fallen short of their promise to provide a convenient euro area-wide solution. The ECB’s Piero Cipollone explains how a digital euro would blend the simplicity of cash with digital convenience. </div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(15)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="de" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div></dd> </dl> </div> <div class="click-for-more"> <a href="/press/blog/html/index.en.html" class="arrow">ALL BLOG POSTS</a> </div> </div> <input id="t6" name="homepage-tab-group" type="radio"> <label for="t6"><span class="arrow"></span>Publications</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="category">RESEARCH BULLETIN - No. 125</div><div class="title"><a href="/press/research-publications/resbull/2024/html/ecb.rb241128~c90a770d44.en.html" >The macroeconomic effects of liquidity supply during financial crises</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/davide-porcellacchia.en.html" >Davide Porcellacchia</a></li><li><a href="/pub/research/authors/profiles/kevin-d-sheedy.en.html" >Kevin D. Sheedy</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/research-publications/resbull/2024/html/ecb.rb241128~c90a770d44.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/research-publications/resbull/2024/html/ecb.rb241128~c90a770d44.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Negative economic shocks can cause waves of investor pessimism about the resilience of banks, which, in turn, generate additional adverse macroeconomic effects. This is commonly cited as an explanation for the economic havoc wrought by the global financial crisis of 2007-08. We introduce the notion of pessimism in a real business cycle model, which is a standard framework for business cycle analysis. The possibility of waves of pessimism generates countercyclical demand from banks for liquid assets (e.g., bank reserves). With the model, we study the macroeconomic effects of the government supplying liquid assets and find that a policy of accommodating banks’ demand is effective in stabilising the economy. Finally, we support this finding with empirical evidence.</dd><dt>JEL Code</dt><dd><strong>E40</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→General<br/><strong>E41</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>E50</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General<br/><strong>E51</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/></dd></dl></div></div></dd><dt isoDate="2024-11-27"><div class="date">27 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3002</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3002~a77b495fa8.en.pdf?aaae35f796f735dd393e1e2e439e9bbd" >Going NUTS: the regional impact of extreme climate events over the medium term</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/guzman-gonzalez-torres-fernandez.en.html" >Guzman Gonzalez-Torres Fernandez</a></li><li><a href="/pub/research/authors/profiles/miles-parker.en.html" >Miles Parker</a></li><li><a href="/pub/research/authors/profiles/sehrish-usman.en.html" >Sehrish Usman</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3002~a77b495fa8.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>The projected increase in extreme climate events in the coming decades is likely to exacerbate the existing productivity and demographic challenges facing Europe. We study the dynamic, medium-run macroeconomic effects of heatwaves, droughts and floods in 1160 EU regions through the lens of a local projections, difference in difference framework. Summer heatwaves and droughts lower medium-term output, but the impact from floods depends on regional income levels. High-income regions witness reconstruction activity, less wealthy regions do not. We find evidence of population decline in affected regions as well as adaptation spending post-event, which lowers regional productivity.</dd><dt>JEL Code</dt><dd><strong>D24</strong> : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity<br/><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>J22</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Time Allocation and Labor Supply<br/><strong>R11</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→Regional Economic Activity: Growth, Development, Environmental Issues, and Changes<br/><strong>Q54</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming<br/></dd></dl></div></div></dd><dt isoDate="2024-11-25"><div class="date">25 November 2024</div></dt><dd><div class="category">SURVEY OF MONETARY ANALYSTS</div><div class="title"><a href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma241125_questionnaire.en.pdf?79ce2cd81dfd69f034a46885322ae4df" >ECB Survey of Monetary Analysts (SMA), December 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma241125_questionnaire.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-22"><div class="date">22 November 2024</div></dt><dd><div class="category">OTHER PUBLICATION</div><div class="title"><a href="/pub/pdf/other/ecb.eurosystem_response_EUcommission_on_macroprudential_policies_NBFI_202411~a38ef4423d.en.pdf?2997f7ff2386e7d174deab18354444cd" >Eurosystem response to EU Commission’s consultation on macroprudential policies for non-bank financial intermediation (NBFI)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.eurosystem_response_EUcommission_on_macroprudential_policies_NBFI_202411~a38ef4423d.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW</div><div class="title"><a href="/press/financial-stability-publications/fsr/html/ecb.fsr202411~dd60fc02c3.en.html" >Financial Stability Review, November 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/html/ecb.fsr202411~dd60fc02c3.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/fsr/ecb.fsr202411~dd60fc02c3.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW</div><div class="title"><a href="/pub/pdf/fsr/ecb.fsr202411_annex~630e55881a.en.zip?64eecdcb71228cecf6a16fd9ad963e9a" >Statistical data</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='download' lang="en" href="/pub/pdf/fsr/ecb.fsr202411_annex~630e55881a.en.zip"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_05~1327f6cf66.en.html" >The potential impact on the euro area bond market of forced asset sales by euro area investment funds</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/andrzej-sowinski.en.html" >Andrzej Sowiński</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_05~1327f6cf66.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Structural liquidity mismatches within euro area investment funds are both a source and an amplifier of systemic risk. These funds often offer more favourable redemption terms than the liquidity of their holdings justifies, potentially creating financial stability risks. Negative market shocks can quickly lead to large investor outflows, necessitating substantial asset sales that exert downward pressure on asset prices. This can result in a self-reinforcing cycle of further outflows and increased volatility. Investment funds have a larger footprint in euro area corporate bonds, which tend to be less liquid than other assets. This makes corporate bonds especially susceptible to sharp price declines under forced sale conditions, heightening the likelihood of disorderly market corrections. By contrast, euro area sovereign bonds are relatively resilient due to their higher liquidity and the more diversified investor base, reducing the market impact of sales by specific types of investors. This analysis highlights the need for regulatory adjustments to better safeguard financial stability. Extending redemption notice periods for funds with less liquid assets is a key recommendation, as such measures can help stabilise markets during times of stress by allowing more orderly liquidation and reducing abrupt price impacts.</dd><dt>JEL Code</dt><dd><strong>G17</strong> : Financial Economics→General Financial Markets→Financial Forecasting and Simulation<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_04~9a4d04b582.en.html" >Euro area banks as intermediators of US dollar liquidity via repo and FX swap markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/benjamin-klaus.en.html" >Benjamin Klaus</a></li><li><a href="/pub/research/authors/profiles/luca-mingarelli.en.html" >Luca Mingarelli</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_04~9a4d04b582.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This box examines the role of euro area banks in the intermediation of US dollar liquidity and maps the global structure of funding markets and their evolution. Euro area banks have significantly increased their involvement in US dollar repo and FX swap markets, particularly since the onset of the monetary policy tightening cycle in 2022. This increased intermediation exposes euro area banks and their counterparties to potential liquidity risks, especially during periods of market stress. The short-term nature of these markets, combined with high market concentration and the off-balance-sheet nature of FX swaps, can amplify the transmission of shocks. Central bank swap lines are crucial for providing dollar liquidity and mitigating these financial stability risks during times of stress.</dd><dt>JEL Code</dt><dd><strong>G15</strong> : Financial Economics→General Financial Markets→International Financial Markets<br/><strong>F31</strong> : International Economics→International Finance→Foreign Exchange<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_02~7d5aa38bbd.en.html" >Rents or rates: what is driving the commercial real estate market?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/alessandro-cavalleri.en.html" >Alessandro Cavalleri</a></li><li><a href="/pub/research/authors/profiles/giorgia-de-nora.en.html" >Giorgia De Nora</a></li><li><a href="/pub/research/authors/profiles/ellen-ryan.en.html" >Ellen Ryan</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_02~7d5aa38bbd.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Understanding the drivers of the current downturn in commercial real estate (CRE) can provide insights into the outlook for the market and potential spillovers to the financial system and wider economy. This box uses a BVAR model to show that monetary policy and adverse CRE demand shocks have been the main factors pushing CRE prices down since the start of 2022. Alongside falling prices, asset write-downs have been the primary driver of the recent sharp drop in the headline profits of real estate firms. Moreover, in many cases real estate firms’ revenue growth has not kept pace with their financing costs, which has potential implications for their repayment capacity.</dd><dt>JEL Code</dt><dd><strong>R30</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→General<br/><strong>R33</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Nonagricultural and Nonresidential Real Estate Markets<br/><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_01~f8e75ebd78.en.html" >Financial markets and investor behaviour in times of stress in euro area sovereign bond markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/pablo-anaya-longaric.en.html" >Pablo Anaya Longaric</a></li><li><a href="/pub/research/authors/profiles/katharina-cera.en.html" >Katharina Cera</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/christoph-kaufmann.en.html" >Christoph Kaufmann</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_01~f8e75ebd78.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Recent episodes of widening sovereign bond spreads have led to renewed concerns about financial stability related to sovereign risk in the euro area. Against this backdrop, this box presents an empirical analysis of the shifts in financing conditions for both sovereigns and non-financial corporations, as well as changes in the sovereign bond holdings of domestic and foreign investors following a sovereign stress shock. The analysis finds that financing conditions for sovereigns and firms deteriorate after sovereign stress events, while financial and political uncertainty increase. When sovereign stress events occur, investment funds and global investors withdraw from euro sovereign debt markets, while domestic investors step in.</dd><dt>JEL Code</dt><dd><strong>F34</strong> : International Economics→International Finance→International Lending and Debt Problems<br/><strong>F45</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - ARTICLE</div><div class="title"><a href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_01~9942a246e3.en.html" >Communication for financial crisis prevention: a tale of two decades</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/john-fell.en.html" >John Fell</a></li><li><a href="/pub/research/authors/profiles/sandor-gardo.en.html" >Sándor Gardó</a></li><li><a href="/pub/research/authors/profiles/benjamin-klaus.en.html" >Benjamin Klaus</a></li><li><a href="/pub/research/authors/profiles/jonas-wendelborn.en.html" >Jonas Wendelborn</a></li><li><a href="/pub/research/authors/profiles/stefan-wredenborg.en.html" >Stefan Wredenborg</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_01~9942a246e3.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This edition of the ECB’s Financial Stability Review (FSR) marks the 20th anniversary of its inaugural publication. The FSR was originally launched to help in preventing financial crises, and this special feature draws lessons from two decades of experience in identifying, analysing and communicating about systemic risks via this publication. Although risk analysis and risk communication are distinct processes, the special feature emphasises that they are inextricably intertwined in a seamless cycle where each informs and enhances the other. Effective risk identification is founded on the ability to combine structured, data-driven assessments with qualitative insights and expert judgement. Such an approach requires a comprehensive and adaptive framework that continuously integrates broad reviews of indicators with focused analyses on emerging risks. Early identification of vulnerabilities enables timely intervention, but the complex, non-linear way that the financial system functions means that flexibility remains essential. Clear and transparent communication of systemic risks supports this analytical process by shaping expectations and enhancing market discipline, creating a feedback loop that strengthens both policy response and risk awareness. However, central banks face the challenge of balancing communication frequency and depth in order to avoid false alarms while at the same time maintaining credibility. As the ECB’s FSR has evolved, it has sought to become more accessible and data-driven, while utilising diverse media channels to broaden its audience. Experience confirms that targeted, proactive communication reinforces financial stability by aligning policymakers and markets, underscoring the symbiotic relationship between risk analysis and effective communication in maintaining financial system resilience.</dd><dt>JEL Code</dt><dd><strong>D81</strong> : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/></dd></dl></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">OTHER PUBLICATION</div><div class="title"><a href="/pub/pdf/other/ecb.report_fit-for-55_stress_test_exercise~7fec18f3a8.en.pdf?4ac4d9871ed7c8e8eaa9cde5c3452dcf" >Fit-for-55 climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.report_fit-for-55_stress_test_exercise~7fec18f3a8.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">ANNEX</div><div class="title"><a href="/pub/pdf/annex/ecb.report_fit-for-55_stress_test_exercise_chartdata.en.xlsx?031d230fa955218cdef7ed314d6b9a96" >Underlying chart data</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='xls' lang="en" href="/pub/pdf/annex/ecb.report_fit-for-55_stress_test_exercise_chartdata.en.xlsx"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">FAQ</div><div class="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" >FAQ on one-off “Fit-for-55” climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" >Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.de.pdf" data-label="German"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.fr.pdf" data-label="French"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" >Can our financial system support the green transition when the going gets tough?</a></div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_03~87408e7fb3.en.html" >Passive investing and its impact on return co-movement, market concentration and liquidity in euro area equity markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/daniel-dieckelmann.en.html" >Daniel Dieckelmann</a></li><li><a href="/pub/research/authors/profiles/emilio-siciliano.en.html" >Emilio Siciliano</a></li><li><a href="/pub/research/authors/profiles/andrzej-sowinski.en.html" >Andrzej Sowiński</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_03~87408e7fb3.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>The continuing shift from active to passive investing in equity markets over the past decade raises questions about the implications for financial stability along three dimensions. First, empirical evidence suggests that passive investing may increase co-movement among stock returns, making markets more volatile. Second, passive funds may increase equity market concentration, potentially exposing investors to heightened idiosyncratic risks from the largest companies. And third, the ability of equity markets to absorb shocks may be inhibited by the growing concentration of liquidity at closing auctions impacted by passive investing. In summary, passive investing continues to provide benefits to individual investors but might also adversely affect market functioning, thus highlighting the importance of investor heterogeneity.</dd><dt>JEL Code</dt><dd><strong>G11</strong> : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions<br/><strong>G12</strong> : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates<br/><strong>G14</strong> : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-18"><div class="date">18 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - ARTICLE</div><div class="title"><a href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_02~4161cc6124.en.html" >Low firm productivity: the role of finance and the implications for financial stability</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/desislava-andreeva.en.html" >Desislava Andreeva</a></li><li><a href="/pub/research/authors/profiles/vasco-botelho.en.html" >Vasco Botelho</a></li><li><a href="/pub/research/authors/profiles/alessandro-ferrante.en.html" >Alessandro Ferrante</a></li><li><a href="/pub/research/authors/profiles/lucyna-grnicka.en.html" >Lucyna Gόrnicka</a></li><li><a href="/pub/research/authors/profiles/francesca-lenoci.en.html" >Francesca Lenoci</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_02~4161cc6124.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Productivity growth in the euro area has been declining for several decades. In light of the importance of bank lending as a source of external funding for euro area firms, this special feature investigates the link between firm productivity and bank credit allocation. Bank credit in the euro area has been skewed towards sectors that have contributed only marginally to aggregate productivity growth, such as real estate. Additionally, bank loans tilted towards less-productive firms within the same sectors during the COVID-19 pandemic, supported by state credit guarantees. Banks with weaker balance sheets lent more to less-productive firms during this period than other banks did. The tilt towards less-productive firms could have an indirect effect on aggregate productivity if the survival of less-productive firms suppresses the profitability of more-productive competitors, discouraging market entry and investment. A more diversified external funding structure could help boost the productivity of euro area firms, to the benefit of financial stability.</dd><dt>JEL Code</dt><dd><strong>D24</strong> : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity<br/><strong>E22</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/></dd></dl></div></div></dd><dt isoDate="2024-11-15"><div class="date">15 November 2024</div></dt><dd><div class="category">LETTERS TO MEPS</div><div class="title"><a href="/pub/pdf/other/ecb.mepletter241115_Zijlstra~344bb2c155.en.pdf?473b5d69c44caeaffbae78e95d68a60d" >Letter from the ECB President to Mr Auke Zijlstra, MEP, on the digital euro</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.mepletter241115_Zijlstra~344bb2c155.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-15"><div class="date">15 November 2024</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 361</div><div class="title"><a href="/pub/pdf/scpops/ecb.op361~145e704503.en.pdf?6d703007dff111e961aa41059ae93eca" >Keep calm, but watch the outliers: deposit flows in recent crisis episodes and beyond</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/luisa-fascione.en.html" >Luisa Fascione</a></li><li><a href="/pub/research/authors/profiles/koen-oosterhek.en.html" >Koen Oosterhek</a></li><li><a href="/pub/research/authors/profiles/beatrice-scheubel.en.html" >Beatrice Scheubel</a></li><li><a href="/pub/research/authors/profiles/livio-stracca.en.html" >Livio Stracca</a></li><li><a href="/pub/research/authors/profiles/nadya-wildmann.en.html" >Nadya Wildmann</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op361~145e704503.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Since the March 2023 banking turmoil, a policy debate has emerged concerning the unprecedented scale and speed of the observed deposit outflows. Have recent stress episodes and developments in technology structurally changed depositors’ behaviour? Are the Basel III liquidity coverage ratio (LCR) run-off assumptions for cash outflows still fit for purpose? Leveraging on monthly liquidity reporting for a sample of 110 significant institutions (SIs) between 2016 and 2024, we shed light on some stylised facts pertaining to the composition of deposit flows in the banking union. Overall, we find limited evidence of a structural change in the statistical behaviour of deposit flows to date. For all but one of the deposit classes included in the analysis, more than 90% of observable net outflows remained below the LCR run-off assumptions during the whole sample period. Some extreme deposit outflows recorded during the COVID-19 pandemic and for a few SIs assessed as failing or likely to fail (FOLTF) remain rare tail events for which the LCR standard was not designed.</dd><dt>JEL Code</dt><dd><strong>G20</strong> : Financial Economics→Financial Institutions and Services→General<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/></dd></dl></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">LEGAL ACT</div><div class="title"><a href="/pub/pdf/legal/ecb.leg_gui_2024_37.en.pdf?bd579990e66a7e6ab6973080664906e0" >Guideline ECB_2024_37 repealing Guideline ECB_2024_23 and amending Guideline ECB_2014_60 (Gen_Doc)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/legal/ecb.leg_gui_2024_37.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">LEGAL ACT</div><div class="title"><a href="/pub/pdf/legal/ecb.leg_gui_2024_36.en.pdf?835a920e7da23b6b9e4911e53967eca4" >Guideline ECB_2024_36 amending Guideline ECB_2024_22 on the management of collateral in Eurosystem credit operations</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/legal/ecb.leg_gui_2024_36.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3001</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3001~2650b4b003.en.pdf?10f15586e9ccf06b6ad71338f95814a6" >Real effects of credit supply shocks: evidence from Danish banks, firms, and workers</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/christofer-schroeder.en.html" >Christofer Schroeder</a></li><li><a href="/pub/research/authors/profiles/simon-juul-hviid.en.html" >Simon Juul Hviid</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3001~2650b4b003.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Contractions in credit supply can lead firms to reduce their level of employment, yet little is known about how these shocks affect the composition of firms’ employees and outcomes at the worker level. This paper investigates how bank distress affects credit provision and its effects on employment beyond firm-level aggregates. To do so, we use a novel dataset built from administrative and tax records linking all banks, firms, and workers in Denmark. We show that banks that were particularly exposed to the 2008-09 financial crisis cut lending to firms, and firms were unable to fully compensate with financing from alternate sources. The decrease in credit supply led to a drop in firm-level employment, with effects concentrated among firms with low pre-crisis liquidity, and on employment of low-educated and nonmanagerial workers. At the worker level, we find that positive effects on unemployment were driven by effects on low-educated, non-managerial and short-tenured workers. Our estimates suggest that cuts in bank lending can account for at least 5% of the fall in employment of low-educated workers in our sample, and are an important factor behind heterogeneous employment dynamics in times of contractionary credit.</dd><dt>JEL Code</dt><dd><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>J23</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Labor Demand<br/></dd></dl></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3000</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3000~33d4540ff4.en.pdf?8cf4cb94ad950937d58d32074c6f2830" >Banks and non-banks stressed: liquidity shocks and the mitigating role of insurance companies</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/matthias-sydow.en.html" >Matthias Sydow</a></li><li><a href="/pub/research/authors/profiles/gabor-fukker.en.html" >Gábor Fukker</a></li><li><a href="/pub/research/authors/profiles/tomasz-dubiel-teleszynski.en.html" >Tomasz Dubiel-Teleszynski</a></li><li><a href="/pub/research/authors/profiles/fabio-franch.en.html" >Fabio Franch</a></li><li><a href="/pub/research/authors/profiles/helmut-gruendl.en.html" >Helmut Gründl</a></li><li><a href="/pub/research/authors/profiles/debora-miccio.en.html" >Debora Miccio</a></li><li><a href="/pub/research/authors/profiles/michela-pellegrino.en.html" >Michela Pellegrino</a></li><li><a href="/pub/research/authors/profiles/sebastien-gallet.en.html" >Sébastien Gallet</a></li><li><a href="/pub/research/authors/profiles/stelios-kotronis.en.html" >Stelios Kotronis</a></li><li><a href="/pub/research/authors/profiles/sebastian-schluetter.en.html" >Sebastian Schlütter</a></li><li><a href="/pub/research/authors/profiles/matteo-sottocornola.en.html" >Matteo Sottocornola</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3000~33d4540ff4.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper documents the extension of the system-wide stress testing framework of the ECB with the insurance sector for a more thorough assessment of risks to financial stability. The special nature of insurers is captured by the modelling of the liability side and its loss absorbing capacity of technical provisions as the main novel feature of the model. Leveraging on highly granular data and information on bilateral exposures, we assess the impact of liquidity and solvency shocks and demonstrate how a combined endogenous reactions of banks, investment funds and insurance companies can further amplify losses in the financial system. The chosen hypothetical scenario and subsequent simulation results show that insurers’ ability to transfer losses to policyholders reduces losses for the entire financial sector. Furthermore, beyond a certain threshold, insurance companies play a crucial role in mitigating both direct and indirect contagion.</dd><dt>JEL Code</dt><dd><strong>D85</strong> : Microeconomics→Information, Knowledge, and Uncertainty→Network Formation and Analysis: Theory<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/><strong>L14</strong> : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Transactional Relationships, Contracts and Reputation, Networks<br/></dd></dl></div></div></dd> </dl> </div> <div class="click-for-more"> <a href="/pub/pubbydate/html/index.en.html" data-label="English" class="arrow">ALL 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