<
 
 
 
 
×
>
hide You are viewing an archived web page, collected at the request of Publications Office of the European Union using Archive-It. This page was captured on 14:54:37 Mar 01, 2021, and is part of the European Union collection. The information on this web page may be out of date. See All versions of this archived page. Loading media information
Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Suggestions
Sort by

SPEECH

Upholding Europe’s team effort

The response to the pandemic crisis stands out from previous ones in that the level of policy alignment has been truly unprecedented, says President Lagarde. Our policies can keep reinforcing each other in addressing two common challenges: shielding the economy and transforming it.

Speech
SPEECH 26 February 2021

Unconventional fiscal and monetary policy

The secular decline in real interest rates requires us to rethink the optimal policy mix during economic downturns, says Executive Board member Isabel Schnabel. Successful macroeconomic stabilisation requires both unconventional monetary and fiscal policy.

Speech
SPEECH 25 February 2021

The compass of monetary policy

Preserving favourable financing conditions is the compass for monetary policy, says Chief Economist Philip R. Lane. Ample monetary stimulus remains essential to preserve those conditions for all sectors of the economy during the course of the pandemic.

Speech
ACCOUNT 18 February 2021

Account of January monetary policy meeting

Governing Council members agreed that monetary stimulus remained essential to preserve favourable financing conditions during the pandemic, according to the account. The ECB’s policy stance helped to counter the downward impact of the pandemic on the projected path of inflation.

Account of January meeting
25 February 2021
MONETARY DEVELOPMENTS IN THE EURO AREA
Annexes
23 February 2021
WEEKLY FINANCIAL STATEMENT
Annexes
23 February 2021
WEEKLY FINANCIAL STATEMENT COMMENTARY
19 February 2021
OTHER GOVERNING COUNCIL DECISIONS
19 February 2021
EURO AREA FINANCIAL VEHICLE CORPORATION STATISTICS
Annexes
19 February 2021
EURO AREA FINANCIAL VEHICLE CORPORATION STATISTICS
19 February 2021
EURO AREA INVESTMENT FUNDS
26 February 2021
Keynote speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Third Annual Conference organised by the European Fiscal Board on “High Debt, Low Rates and Tail Events: Rules-Based Fiscal Frameworks under Stress”
Annexes
26 February 2021
25 February 2021
Presentation by Luis de Guindos, Vice-President of the ECB, at the IESE Business School Alumni Learning Programme Webinar “Risk, reform and recovery in the eurozone”
25 February 2021
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at Comissão do Mercado de Valores Mobiliários
22 February 2021
Speech by Christine Lagarde, President of the ECB, at the opening plenary session of the European Parliamentary Week 2021 in virtual format
18 February 2021
Guest lecture by Isabel Schnabel, Member of the Executive Board of the ECB, at the University of Chicago Booth School of Business
26 February 2021
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Andrés Stumpf on 22 February
English
OTHER LANGUAGES (1) +
Select your language
25 February 2021
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Ingūna Ukenābele on 22 February 2021
English
OTHER LANGUAGES (3) +
9 February 2021
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Tim Bartz
English
OTHER LANGUAGES (2) +
Select your language
7 February 2021
Interview with Christine Lagarde, President of the ECB, conducted by Marie-Pierre Gröndahl and Hervé Gattegno
English
OTHER LANGUAGES (1) +
Select your language
31 January 2021
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Markus Zydra on 26 January and published on 1 February 2021 as a shortened version in Süddeutsche Zeitung
English
OTHER LANGUAGES (1) +
Select your language
13 February 2021
Blog post by Frank Elderson, Member of the Executive Board of the ECB
Details
Summary
Climate change requires urgent action and we at the ECB must be committed to doing our part, says Executive Board member Frank Elderson. The EU Treaties define clear obligations and limits. They provide substantial scope for the ECB to take action on climate change.
2 December 2020
Blog post by Fabio Panetta, Member of the Executive Board of the ECB
Details
Summary
The results of the ECB’s latest study on payment behaviours suggest that no single means of payment currently available meets all consumer needs, Executive Board member Fabio Panetta writes in The ECB Blog. This underlines the importance of continuing to give people a choice on how to pay.
20 October 2020
Blog post by Isabel Schnabel, Member of the Executive Board of the ECB
Details
Summary
High-quality data and statistics provide indispensable input for sound policy decisions, including at the ECB, writes Executive Board member Isabel Schnabel. Today’s World Statistics Day reminds us of the importance of data we can trust.
2 October 2020
Blog post by Fabio Panetta, Member of the Executive Board of the ECB
Details
Summary
We should be ready to issue a digital euro if and when it is necessary, writes Executive Board member Fabio Panetta. The euro is a currency that Europeans trust. We need to make sure that it is fit for the future.
11 September 2020
Blog post by Philip R. Lane, Member of the Executive Board of the ECB
Details
Summary
Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside.
26 February 2021
WORKING PAPER SERIES - No. 2529
Details
Abstract
We propose a new model of trading in OTC markets. Dealers accumulate inventories by trading with end-investors and trade among each other to reduce their inventory holding costs. Core dealers use a more efficient trading technology than peripheral dealers, who are heterogeneously connected to core dealers and trade with each other bilaterally. Connectedness affects prices and allocations if and only if the peripheral dealers’ aggregate inventory position differs from zero. Price dispersion increases in the size of this position. The model generates new predictions about the effects of dealers' connectedness and dealers' aggregate inventories on prices.
JEL Code
G10 : Financial Economics→General Financial Markets→General
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G19 : Financial Economics→General Financial Markets→Other
25 February 2021
RESEARCH BULLETIN - No. 81
Details
Abstract
Loan renegotiations are expected to surge following the coronavirus (COVID-19) outbreak and the subsequent crisis, as more loans default during recessions. At such times, managing lending relationships effectively becomes even more important for bank governance, risk, and credit supply. My study presents evidence that continuous lending relationships between bank loan officers and corporate borrowers improve the outcomes of loan renegotiations. The analysis draws on a novel dataset on corporate loans during a bank reorganisation in Greece in the mid-2010s. This dataset allows us to empirically identify the causal effect of interrupted relationships. My main findings are that firms that experience an exogenous interruption in their loan officer relationship are faced with three consequences. First, the firms are less likely to renegotiate a loan compared to firms with continuous relationships. Second, when loans are renegotiated, firms with interrupted loan officer relationships receive tougher loan terms. Third, these firms raise more equity, reduce their overall borrowing, and partially substitute borrowing from other banks. These results point to the importance of lending relationships in mitigating the cost of distress for borrowers renegotiating loans. It therefore suggests that bank managers, supervisors, and resolution authorities need to be mindful of the potential costs of changing loan officers.
JEL Code
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
L14 : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Transactional Relationships, Contracts and Reputation, Networks
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
O16 : Economic Development, Technological Change, and Growth→Economic Development→Financial Markets, Saving and Capital Investment, Corporate Finance and Governance
22 February 2021
OTHER PUBLICATIONS
22 February 2021
WORKING PAPER SERIES - No. 2528
Details
Abstract
The paper provides an ex-post analysis of the determinants of within-country regional heterogeneity of the labour market impact of COVID-19. By focussing on the first wave of the pandemic in the four largest euro area economies, it finds that the propagation of the economic impact across regions cannot be explained by the spread of infections only. Instead, a region’s economic structure is a significant driver of the observed heterogeneity. Moreover, our results suggest that a region's trade relations, both within and across countries, represent a relevant indirect channel through which COVID-19 related disruptions affect regional economic activity. In this regard, the analysis depicts vulnerabilities arising from potential disruptions of the highly integrated EU supply chains.
JEL Code
R11 : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
F14 : International Economics→Trade→Empirical Studies of Trade
J40 : Labor and Demographic Economics→Particular Labor Markets→General
R15 : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→Econometric and Input?Output Models, Other Models
22 February 2021
OTHER PUBLICATIONS
22 February 2021
SURVEY OF MONETARY ANALYSTS
19 February 2021
WORKING PAPER SERIES - No. 2527
Details
Abstract
The Global Financial Crisis fostered the design and adoption of macroprudential policies throughout the world. This raises important questions for monetary policy. What, if any, is the relationship between monetary and macroprudential policies? In particular, how does the effectiveness of macroprudential policies (or lack thereof) influence the conduct of monetary policy? This discussion paper builds on the insights of recent theoretical and empirical research to address these questions.
JEL Code
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
G01 : Financial Economics→General→Financial Crises
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
Network
Discussion papers
19 February 2021
WORKING PAPER SERIES - No. 2526
Details
Abstract
We study the impact of the COVID-19 shock on the portfolio exposures of euro area investors. The analysis “looks-through” holdings of investment fund shares to first gauge euro area investors' full exposures to global debt securities and listed shares by sector at end-2019 and to subsequently analyse the portfolio shifts in the first and second quarters of 2020. We show important heterogeneous patterns across asset classes and sectors, but also across euro area less and more vulnerable countries. In particular, we find a broad-based rebalancing towards domestic sovereign debt at the expense of extra-euro area sovereigns, consistent with heightened home bias. These patterns were strongly driven by indirect holdings – via investment funds – especially for insurance companies and pension funds, but levelled off in the second quarter. On the contrary, for listed shares we find that euro area investors rebalanced away from domestic towards extra-euro area securities in both the first and the second quarter, which may be associated with better relative foreign stock market performance. Many of these shifts were only due to indirect holdings, corroborating the importance of investment funds in assessing investors' exposures via securities, in particular in times of large shocks. We also confirm the important intermediation role played by investment funds in an analysis focusing on the large-scale portfolio rebalancing observed between 2015 and 2017 during the ECB's Asset Purchase Programme.
JEL Code
F30 : International Economics→International Finance→General
F41 : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics
G15 : Financial Economics→General Financial Markets→International Financial Markets
18 February 2021
ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM
18 February 2021
ANNUAL ACCOUNTS

Interest rates

Marginal lending facility 0.25 %
Main refinancing operations (fixed rate) 0.00 %
Deposit facility − 0.50 %
18 September 2019 Past key ECB interest rates

Inflation rate

Inflation dashboard

Reference rates

USD US dollar 1.2121
JPY Japanese yen 128.83
GBP Pound sterling 0.87053
CHF Swiss franc 1.0986
Last update: Friday, 26 February 2021 Euro foreign exchange rates