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PUBLICATION

Digital euro: results of the public consultation

Privacy is the most important feature of a digital euro for both citizens and professionals. They also value security and the ability to pay across the euro area. Respondents say it is important that they receive innovative services integrated into existing payment systems.

Report

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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more

SPEECH 14 April 2021

Our public consultation on a digital euro

A digital euro can only be successful if it meets the needs of Europeans, says Executive Board member Fabio Panetta presenting the outcome of the public consultation on a digital euro to the European Parliament’s Committee on Economic and Monetary Affairs.

Speech
ACCOUNTABILITY 14 April 2021

Our Annual Report is now available!

Vice-President Luis de Guindos presented our Annual Report 2020 to the European Parliament via video conference on 14 April 2021. The report is available in 22 languages. He also discussed the current economic outlook and the road to recovery.

Annual Report
EXPLAINERS 30 March 2021

What are TLTROs?

Targeted longer-term refinancing operations encourage banks to keep affordable credit flowing to people and businesses. This, in turn, supports spending and investment in the economy. But how do they work exactly?

Explainer
14 April 2021
PRESS RELEASE
14 April 2021
EURO AREA SECURITIES ISSUES STATISTICS
14 April 2021
PRESS RELEASE
13 April 2021
WEEKLY FINANCIAL STATEMENT
Annexes
13 April 2021
WEEKLY FINANCIAL STATEMENT - COMMENTARY
9 April 2021
EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR (EARLY)
Annexes
9 April 2021
EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR (EARLY)
9 April 2021
EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR (EARLY)
14 April 2021
Vortrag von Isabel Schnabel, Mitglied des Direktoriums der EZB, bei einem Webinar von Sven Giegold (MdEP) mit der Heinrich-Böll-Stiftung
14 April 2021
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the ECON Committee of the European Parliament
14 April 2021
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament (by videoconference)
8 April 2021
Statement by Christine Lagarde, President of the ECB, at the forty-third meeting of the International Monetary and Financial Committee
27 March 2021
Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at “The Outlook for the Economy and Finance” workshop (fully digital) organised by The European House − Ambrosetti
English
OTHER LANGUAGES (1) +
Select your language
12 April 2021
Interview with Christine Lagarde, President of the ECB, conducted by Sara Eisen on 9 April 2021 and broadcast on the same day
11 April 2021
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Luis Doncel and published on 11 April 2021
English
OTHER LANGUAGES (2) +
Select your language
9 April 2021
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tim Bartz and Stefan Kaiser on 1 April and published on 9 April 2021, in print on 10 April 2021
English
OTHER LANGUAGES (1) +
Select your language
23 March 2021
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Annette Weisbach on 22 March 2021
17 March 2021
Interview on Twitter with Frank Elderson, Member of the Executive Board of the ECB, conducted and published on 16 March 2021
1 April 2021
Blog post by Philip R. Lane, Member of the Executive Board of the ECB
Details
Summary
The recent volatility of inflation can largely be attributed to the nature of the pandemic shock, writes Chief Economist Philip R. Lane. The increase in inflation during early 2021 does not constitute the basis for a sustained shift in inflation dynamics.
25 March 2021
Blog post by Fabio Panetta, Member of the Executive Board of the ECB, and Ulrich Bindseil, ECB Director General Market Infrastructure and Payments
English
OTHER LANGUAGES (3) +
Details
Summary
At the ECB we are committed to understanding people’s needs and ensuring the digital euro would be widely accepted, writes Executive Board member Fabio Panetta with Ulrich Bindseil in The ECB Blog.
22 March 2021
Blog post by Christine Lagarde, President of the ECB
Details
Summary
Our pandemic emergency purchase programme (PEPP) has provided crucial support to euro area citizens since its launch a year ago, writes President Christine Lagarde in The ECB Blog. The PEPP has been, and remains, at the core of our pandemic policy response.
18 March 2021
Blog post by Luis de Guindos, Vice-President of the ECB
Details
Summary
The damage caused by more frequent and severe natural disasters far exceeds the costs of transitioning to a greener economy, writes Vice-President Luis de Guindos in his ECB Blog post on our first climate stress test for banks and companies.
8 March 2021
Blog post by Christine Lagarde, President of the ECB
Details
Summary
One year into the pandemic, we can clearly see that the social and economic impact of the virus is particularly hard for women, writes President Christine Lagarde. In response we must choose to challenge women’s roles at home, at work and in our society.
15 April 2021
RESEARCH BULLETIN - No. 83
Details
Abstract
ECB and Federal Reserve monetary policy both spill over to other countries. But these spillovers are asymmetric. Federal Reserve monetary policy shocks have a significant impact on economic activity in the euro area and the rest of the world, mainly by affecting financial conditions globally. Conversely, ECB monetary policy shocks have little impact on the US economy and on global financial conditions, but still significantly affect global trade and economic activity, especially in emerging markets.
JEL Code
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
F3 : International Economics→International Finance
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
F42 : International Economics→Macroeconomic Aspects of International Trade and Finance→International Policy Coordination and Transmission
14 April 2021
OTHER PUBLICATION
14 April 2021
OTHER PUBLICATION
14 April 2021
OTHER PUBLICATION
14 April 2021
ANNUAL REPORT
14 April 2021
OTHER PUBLICATION
13 April 2021
WORKING PAPER SERIES - No. 2537
Details
Abstract
Increased investment in clean electricity generation or the introduction of a carbon tax will most likely lead to higher electricity prices. We examine the effect from changing electricity prices on manufacturing employment. Analyzing firm-level data, we find that rising electricity prices lead to a negative impact on labor demand and investment in sectors most reliant on electricity as an input factor. Since these sectors are unevenly spread across countries and regions, the labor impact will also be unevenly spread with the highest impact in Southern Germany and Northern Italy. We also identify an additional channel that leads to heterogeneous responses. When electricity prices rise, financially constrained firms reduce employment more than less constrained firms. This implies a potentially mitigating role for monetary policy.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
H23 : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies
J23 : Labor and Demographic Economics→Demand and Supply of Labor→Labor Demand
Q48 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Government Policy
12 April 2021
WORKING PAPER SERIES - No. 2536
Details
Abstract
Foreign driven medium-term oscillations that originate from fluctuations in technological frontier countries gained widespread attention among policymakers. To study this phenomenon in the context of domestic and other foreign drivers of the euro area business cycle, we develop a medium-scale, two-economy dynamic stochastic general equilibrium model with endogenous growth and estimate it with Bayesian methods for the United States and the euro area for the period from 1984:Q1 to 2017:Q4. The framework suggests that foreign shocks can be a substantial source of medium-term oscillations that contribute to pro-cyclicality of real GDP across countries. Notably, US shocks to liquidity preference and trade demand explain more than a third of the euro area downturn during the Great Recession.
JEL Code
E2 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
F1 : International Economics→Trade
F4 : International Economics→Macroeconomic Aspects of International Trade and Finance
O4 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity
12 April 2021
WORKING PAPER SERIES - No. 2535
Details
Abstract
This study analyses the effects of euro area monetary policy on equity risk premia (ERP). We find that changes in equity prices during periods of accommodative monetary policy mainly reflected adjustments in the discount factor and economic activity – rather than fluctuations in investors’ required risk compensation. Furthermore, the ERP appears to not have declined much since the introduction of unconventional monetary policy and stands higher than prior to the GFC. Use of identified monetary policy shocks points to insignificant effects of monetary policy on the ERP. Further breakdown of these shocks reveals that monetary policy has a significant upwards impact on the ERP if it is perceived as a negative information surprise, while the opposite prevails in the case of a genuine accommodative monetary policy surprise. Accumulating these effects over time suggests that the two might have largely offset each other since the introduction of unconventional monetary policy.
JEL Code
E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
12 April 2021
OTHER PUBLICATION

Interest rates

Marginal lending facility 0.25 %
Main refinancing operations (fixed rate) 0.00 %
Deposit facility − 0.50 %
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Last update: Thursday, 15 April 2021 Euro foreign exchange rates