| Heute: |
44 |
| Gestern: |
352 |
| Monat: |
2702 |
| Total |
1919896 |
| Seiten Monat |
10330 |
| Seiten Total |
8876498 |
| Seit: |
|
Kein Benutzer Online |
| |
|
|
Haberler |
|
ECB - European Central Bank
|
Latest releases on the ECB website - Press releases, speeches and interviews, press conferences.
|
-
Letter from the ECB President to Mr Fabio de Masi, MEP, on institutional matters
-
Main findings from the ECB’s recent contacts with non-financial companies
This box summarises the main findings from recent contacts between ECB staff and representatives of 79 leading non-financial companies operating in the euro area. According to these exchanges, which took place between 5 and 14 January 2026, business momentum and confidence had continued to improve in recent months, although the outlook was clouded by concerns surrounding the competitiveness of the euro area in the wake of changing global trade patterns. Employment growth and its outlook remained lacklustre. Price growth remained moderate overall and continued to be driven by growth in services prices. Firms continued to anticipate further wage moderation.
-
The ECB Survey of Professional Forecasters - First quarter of 2026
-
The euro area bank lending survey - Fourth quarter of 2025
-
Survey on the Access to Finance of Enterprises in the euro area - Fourth quarter of 2025
-
What drives business expectations? A tale of demand and supply
This paper develops a novel empirical framework to analyse the drivers of business expectations in the euro area. Using harmonised data from the European Commission’s business surveys for manufacturing, services, and construction, we build composite business expectations indices (BEI) for activity and prices. These composite BEI exhibit strong predictive power for near-term real GDP growth and GDP deflator inflation. To identify the underlying forces shaping expectations, we estimate sector-specific structural Bayesian vector autoregression models, combining responses on expectations and reported limits to production. According to the results, demand-side shocks, notably product demand and financial conditions, account for the bulk of fluctuations in business expectations, with heterogeneous effects across sectors. Supply-side shocks, notably materials supply and labour conditions, play a significant role in driving price expectations, especially during the post-pandemic inflationary period. Our results demonstrate the value of a granular survey-based modelling approach for real-time economic analysis and policy assessment.
-
Do banks respond to their friends’ markets? Social spillovers in deposit pricing
We study how deposit rate shocks transmit across banking markets through digital social ties. Depositors’ inattention implies that households react to outside rate changes only when social networks make these changes salient, inducing connected banks to raise their own rates. Using merger-driven shocks to local deposit rates and county-level social connectedness, we show that small banks increase rates in response to shocks occurring in socially linked but geographically distant counties. Spillovers are economically meaningful, persistent, and stronger in competitive markets and in counties with more financially sophisticated households. Digital social ties therefore activate depositor search and integrate deposit markets across space.
-
Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)
-
The EU’s CBAM: implications for member states and trading partners
The EU Carbon Border Adjustment Mechanism (CBAM) came into force on 1 October 2023, introducing reporting requirements for importers of covered products and, from 2026, an obligation to pay a fee on the carbon content of imported goods. This paper uses indices of ad valorem tariffs to assess the incidence of the EU CBAM on both EU member states and the EU’s trading partners. Overall, the direct impact on EU countries’ trade is estimated to be small, adding 0.1 percent to the value of EU imports when averaged across all imports, and 0.04 percent to the average cost of non-EU countries’ exports to the EU—with a maximum of 1.2 percent. However, effects could be sizeable for specific products such as iron, steel and aluminium, which can help explain CBAM’s political salience. Moreover, an expanded CBAM featuring full coverage of ETS sectors, and a significantly higher carbon price could entail larger costs in the more distant future.
-
Letter from the ECB President to Mr Bas Eickhout, MEP, on climate change and financial stability
-
Environmental score and bond pricing: it better be good, it better be green
We provide empirical evidence that the pricing of green bonds tends to be highly sophisticated and based on a two-tiered approach. When buying a green bond, investors do not look only at the presence of a green label, but also consider additional characteristics of the bond that involve the environmental score of the issuer and the soundness of the underlying project. By comparing the yields at issuance of green bonds to those of a matched control sample of conventional bonds, our baseline specification identifies a premium of 16 basis points for the green label alone. Furthermore, when the environmental score of the issuer is in the top tercile of the cross-sectional distribution of such an indicator across the analyzed issuers, the greenium nearly doubles. Green certification and periods of heightened climate uncertainty also significantly affect the size of the greenium.
-
Financial stability risks from geoeconomic fragmentation
-
Understanding the inflation–output relationship across business cycle phases
We examine the state dependence of monetary policy transmission and the parameters of the Phillips curve, dynamic IS equation, and Taylor rule across four regimes defined by joint deviations of inflation from the Federal Reserve’s target and output from potential. The analysis uncovers important regime-specific asymmetries. The Taylor principle holds across all four regimes. The systematic policy response to the output gap weakens when inflation is below target but output remains above potential, whereas the response to inflation is broadly similar across regimes. The size of monetary policy shocks is significantly larger when inflation exceeds its target. The Phillips curve steepens when inflation exceeds target and output is above potential, while output sensitivity to interest rate changes declines under high inflation and economic slack. This explains why monetary policy shocks are significantly larger in inflationary booms, but transmission becomes less effective when elevated inflation coincides with economic slack.
-
Economic Bulletin Issue 8, 2025
-
Liquidity conditions and monetary policy operations from 30 July to 4 November 2025
This box describes the Eurosystem liquidity conditions and monetary policy operations in the fifth and sixth reserve maintenance periods of 2025, from 30Â July to 4Â November 2025.
|
|
|
|
|
Statistics |
|
Besucher: 9067163
|
|
Deine IP |
Dein System:
Deine IP: 216.73.216.109
Dein ISP: 216.109 |
|
Haberler 