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18. júna 2024
Ako banky reagujú na menší objem nadbytočnej likvidity
S redukciou súvahy Eurosystému sa znižuje objem likvidity centrálnej banky. Vzhľadom na nerovnomernú distribúciu likvidity medzi bankami má zásadný význam jej účinná redistribúcia a intenzívnejšie využívanie zdrojov trhového financovania.
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17. júna 2024
Sektorová dynamika a hospodársky cyklus
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Položte nám otázku na Instagrame- 18 June 2024
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 18 June 2024
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 18 June 2024
- PRESS RELEASE
- 13 June 2024
- PRESS RELEASE
- 12 June 2024
- PRESS RELEASERelated
- 12 June 2024
- THE INTERNATIONAL ROLE OF THE EURO
- 11 June 2024
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 11 June 2024
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 18 June 2024
- Keynote speech by Luis de Guindos, Vice-President of the ECB, at the Joint Conference of the European Commission and the ECB on European Financial Integration
- 14 June 2024
- Speech by Christine Lagarde, President of the ECB, at the 30th Dubrovnik Economic Conference
- 12 June 2024
- Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Finance Committee of the German Bundestag in Berlin
- 11 June 2024
- Dinner speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the 2024 Annual ECB Banking Supervision Research Conference
- 11 June 2024
- Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Banking & Payments Federation Ireland (BPFI) National Banking Conference
- 11 June 2024
- Interview with Christine Lagarde, President of the ECB, conducted by Andrés Stumpf, Stefan Reccius, Isabella Bufacchi, Guillaume Benoit and Alexandre Counis in Paris on 7 June 2024
- 27 May 2024
- Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Arnold on 24 May 2024
- 24 May 2024
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Steffen Clement on 16 May 2024
- 23 May 2024
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Dietmar Mascher and Alexander Zens
- 17 May 2024
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Shogo Akagawa and Takerou Minami on 13 May 2024
- 18 June 2024
- With the reduction of the Eurosystem’s balance sheet, central bank liquidity is declining. As liquidity is unevenly distributed among banks, an effective redistribution and use of market funding are essential. This worked well so far, with limited recourse to Eurosystem’s refinancing operations.Details
- JEL Code
- E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
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
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
- 13 June 2024
- Many people appreciate privacy when paying, and want their data protected. Current electronic means of payment are not optimal in this regard. We are designing the digital euro to be the most private electronic payment option. The ECB Blog explains.Details
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
E49 : Macroeconomics and Monetary Economics→Money and Interest Rates→Other
E59 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Other
G29 : Financial Economics→Financial Institutions and Services→Other
- 12 June 2024
- More reforms are needed if the euro is to maintain and strengthen its role amid geopolitical shifts. Europe needs to further develop the infrastructure for making cross-border payments in euro with key partners.Details
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
F02 : International Economics→General→International Economic Order
F01 : International Economics→General→Global Outlook
F31 : International Economics→International Finance→Foreign Exchange
F33 : International Economics→International Finance→International Monetary Arrangements and Institutions
- 8 June 2024
- The ECB has cut interest rates. President Christine Lagarde explains why and sets out what still needs to be done to bring inflation back to 2% over the medium term.EnglishOTHER LANGUAGES (16) +Details
- JEL Code
- E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E60 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General
E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
- 23 May 2024
- Negotiated wage growth in the euro area increased in the first quarter of 2024. This post on The ECB Blog illustrates how the ECB wage tracker can help to put latest developments in negotiated wage growth into perspective.Details
- JEL Code
- E20 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→General
E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
- 18 June 2024
- WORKING PAPER SERIES - No. 2948Details
- Abstract
- This paper studies the pass-through from wages to producer prices using sectoral disaggregated data for the euro area. We find a positive and statistically significant wage-price pass-through that reaches 50% after three years, which differs across sectors. The wage-price pass-through in private servicesis significantly higher than in industry and takes longer before reaching its peak. While a higher labour intensity is a key component of the pass-through, our estimates indicate that differences in sectoral labour shares alone cannot explain the larger wage-price pass-through in private services compared to industry. Instead, the estimates hint at an important role for international competition in the domestic market for the tradeable sector. They also suggest that the sales destination matters: wage growth contributes to domestic inflation for goods but not to export inflation. Finally, we also provide evidence of an increase in the wage-price pass-through after 2020, particularly in private services.
- JEL Code
- E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
- 18 June 2024
- WORKING PAPER SERIES - No. 2947Details
- Abstract
- This paper studies how the Covid-19 pandemic and the extensive job retention support that accompanied it affected productivity in Europe. The focus is on the reallocation channel and productivity-enhancing reallocation of jobs, following Foster et al., 2016. An extensive micro-distributed analysis of firm-level data for 11 euro area countries is used. The unique firm-level datasets are constructed by merging balance-sheet and income-statement data with policy support data. The paper exploits variation in employment responsiveness to productivity over time, particularly examining the relationship between changes in employment responsiveness and the job retention support in 2020 and studying how well the support was targeted by firm productivity. Acknowledging limitations of a small set of countries covered and occasionally large confidence bounds around estimates, the findings suggest that (1) productivity-enhancing reallocation was weaker in the pandemic than in the Great Recession; (2) The countries that were more generous with job retention support and countries where more support was allocated to low-productivity firms showed weaker productivity-enhancing reallocation in 2020.
- JEL Code
- D22 : Microeconomics→Production and Organizations→Firm Behavior: Empirical Analysis
H25 : Public Economics→Taxation, Subsidies, and Revenue→Business Taxes and Subsidies
J38 : Labor and Demographic Economics→Wages, Compensation, and Labor Costs→Public Policy
L29 : Industrial Organization→Firm Objectives, Organization, and Behavior→Other
- 18 June 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 4, 2024Details
- Abstract
- Since the start of 2018 automotive production and exports in the euro area have both contracted by about 20%, while they have fared better in China, Japan, Korea and the United States. The current weakness is mostly a result of declining demand for combustion engines in the context of net zero emission targets and hesitancy to purchase hybrid and electric vehicles. Other factors, such as supply chain disruptions, adverse energy supply shocks and monetary tightening have also negatively contributed to the drop in automotive production. Despite intensified foreign competition, the euro area automotive industry has defended its global positioning by focusing on profitable market segments. A recovery can be expected in the medium term as adverse factors related to supply bottlenecks and tight financing conditions fade away. However, risks to the outlook are elevated. These are associated with the digital innovation gap vis-a-vis the United States and China as well as geopolitical tensions, which can disrupt supply chains.
- JEL Code
- E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
F1 : International Economics→Trade
L62 : Industrial Organization→Industry Studies: Manufacturing→Automobiles, Other Transportation Equipment
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE IN THE EURO AREA
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- The European Union's FinTech industry has experienced rapid growth since the 2010’s, with a significant concentration of firms in major financial centers. This Box suggests that one of the reasons for the clustering of FinTechs close to financial centres may be easier access to equity finance. The analysis also shows that FinTechs outside financial centres compared to Fintechs that cluster in financial centers need to rely more on their performance as a signalling device to potential funding providers. Given the relevance of incubators and accelerators for early-stage development and funding of FinTech startups, the article points to the need to further investigate the role and effectiveness of institutional support schemes. It also underscores the need to advance on the EU’s capital markets union (CMU) agenda, in particular as regards policy efforts to grow European equity markets, in terms of both liquidity and depth.
- JEL Code
- D22 : Microeconomics→Production and Organizations→Firm Behavior: Empirical Analysis
G3 : Financial Economics→Corporate Finance and Governance
O30 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→General
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXExamining the causes and consequences of the recent listing gap between the United States and EuropeFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- In view of recent high-profile delistings from European stock exchanges and the widening gap in listings compared to the US, this Box sheds more light on the gap in listings between the United States and Europe. It examines the reasons behind the delisting activities of EU companies and identifies mergers and acquisitions as the key determinant over time, including in recent years. In addition, an examination of the trends of dual and US listings of European firms suggests a growing attractiveness of US markets for European firms. This suggests that policy measures may be needed to make EU listings more appealing, particularly for larger companies, by enhancing market depth and liquidity and possibly further consolidating European stock exchanges.
- JEL Code
- G10 : Financial Economics→General Financial Markets→General
G15 : Financial Economics→General Financial Markets→International Financial Markets
G34 : Financial Economics→Corporate Finance and Governance→Mergers, Acquisitions, Restructuring, Corporate Governance
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- The issuance of these temporary recovery instruments has renewed the discussion on the benefits of a common safe asset and their transformative potential for EU financial integration. Given that a common safe asset may foster financial integration in the euro area by facilitating diversification and de-risking banks’ sovereign portfolios, this box assesses the extent to which these newly issued EU bonds (i) are perceived by market participants as a common safe asset, and (ii) can facilitate diversification and affect banks’ sovereign portfolio composition.
- JEL Code
- G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
H63. : Public Economics→National Budget, Deficit, and Debt→Debt, Debt Management, Sovereign Debt
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- The box highlights the importance of cross-border bank lending to non-banks in the euro area. Comparing the domicile of euro area banks and borrowers, we estimate the scale of direct cross-border lending to represent 14.1% of euro area bank lending to non-banks which increases to 23% when we include indirect cross-border lending. Direct cross-border lending represents an important driver for enhancing banking market integration. It also constitutes an instrument to improve banks’ risk diversification and the resilience of borrowers’ funding structure. Finally, the box discusses the implications of different lending approaches, and sheds light on the sectors relying more on cross-border lending.
- JEL Code
- G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
F02 : International Economics→General→International Economic Order
F34 : International Economics→International Finance→International Lending and Debt Problems
F36 : International Economics→International Finance→Financial Aspects of Economic Integration
O52. : Economic Development, Technological Change, and Growth→Economywide Country Studies→Europe
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- European banks often borrow in repo markets, pledging domestic government bonds as collateral. As there tends to be a positive relation between the default risk of a bank and the default risk of its home country, using domestic collateral comes at a cost. Using transaction-level data on short-term repurchase agreements (repo) and taking into account the direct effect of collateral and borrower risk, we show that borrowers pay a premium of 1.1 to 2.6 basis points when they use domestic collateral. Additionally, we show that borrowers internalize this premium when making their collateral choices.
- JEL Code
- G21, G12, E43 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- This box reassesses the patterns of euro area financial integration, adjusting for the role of financial centres in the euro area. Their special role involves acting as one of the euro area’s major hubs for (i) the investment fund industry, and (ii) securities issuance by affiliates of foreign companies. Looking through these dual roles of euro area financial centres provides a nuanced picture of euro area financial integration and portfolio exposures. The restatements methodology reveals three main findings namely that (i) the euro area as a whole is less financially integrated with the rest of the world (ii) at the country level Luxembourg and Ireland act as a source of portfolio diversification for the other euro area countries and (iii) the evolution of equity home bias in the euro area looks very similar to that of the United States since 1995, while euro area bond home bias declined significantly.
- JEL Code
- F3 : International Economics→International Finance
F4 : International Economics→Macroeconomic Aspects of International Trade and Finance
G2 : Financial Economics→Financial Institutions and Services
G3 : Financial Economics→Corporate Finance and Governance
H26 : Public Economics→Taxation, Subsidies, and Revenue→Tax Evasion
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- The United Kingdom’s decision to leave the EU impacted the EU’s financial infrastructure, in particular those financial market segments heavily reliant on UK clearing services. This box analyses how the market shares of euro area CCPs offering similar clearing services to their UK competitors have evolved since Brexit. Although the market share of euro area CCPs has increased over time, the over-reliance of domestic market participants on non-euro area clearing services persists. This could have serious implications for the financial stability of the EU, especially under stressed market conditions. Reducing the reliance of European markets on third countries for the provision of critical clearing services remains a priority for EU policymakers from a financial stability perspective, together with building well-integrated, resilient clearing markets in the EU.
- JEL Code
- G15 : Financial Economics→General Financial Markets→International Financial Markets
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
F36 : International Economics→International Finance→Financial Aspects of Economic Integration
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- Substantial green and digital investments will be needed to reach the targets set for 2030 and beyond under the Green Deal and the Digital Compass. The EU faces a large gap in funding for these investment needs, raising the question of how private capital can be best mobilised to bridge the gap. This box presents an overview of estimates of green and digital investment needs and discusses some of the challenges to be met, in particular in terms of funding needs
- JEL Code
- Q43 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy
Q50 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→General
O30 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→General
E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
H54 : Public Economics→National Government Expenditures and Related Policies→Infrastructures, Other Public Investment and Capital Stock
- 17 June 2024
- WORKING PAPER SERIES - No. 2946Details
- Abstract
- We examine the extent to which environmental regulation affects innovation and which policy types provide the strongest incentives to innovate. Using a local projection framework, we estimate the regulatory impact on patenting activity over a five-year horizon. As a proxy for environmental policy exposure, we estimate firm-level greenhouse gas emissions using a machine learning algorithm. At the country-level, policy tightening is largely associated with no statistically significant change in environmental technology innovation. At the firm-level, however, environmental policy tightening leads to higher innovation activity in technologies mitigating climate change, while the effect on innovation in other technologies is muted. This suggests that environmental regulation does not lead to a crowding-out of non-clean innovations. The policy type matters, as increasing the stringency of technology support policies and non-market based policies leads to increases in clean technology patenting, while we do not find a statistically significant impact of market-based policies.
- JEL Code
- O44 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→Environment and Growth
Q52 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Pollution Control Adoption Costs, Distributional Effects, Employment Effects
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
- 17 June 2024
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 4, 2024Details
- Abstract
- This article examines recent sectoral developments in the euro area and their near-term implications for the business cycle. After a brief review of the existing literature, it presents new evidence for the euro area. It first uses a simple aggregate measure of cross-sectoral shifts in activity to assess the short-term impact of these shifts on the business cycle. It then explores the leading-indicator properties of sectoral developments as regards aggregate activity and explains the correlation between these properties and the position of sectors within the production structure of the economy. Overall, the results of this article point to moderate momentum in economic activity in the euro area in the near term.
- JEL Code
- E23 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Production
E27 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Forecasting and Simulation: Models and Applications
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 14 June 2024
- LEGAL WORKING PAPER SERIES - No. 22
- 12 June 2024
- WORKING PAPER SERIES - No. 2945Details
- Abstract
- We investigate the impact of expectations about future climate policy on investment decisions of fossil fuel firms. Our empirical analysis reveals that firms with greater exposure to climate change significantly increased their investment in response to the Paris Agreement, in contrast to firms with lower exposure. Importantly, investment was directed towards traditional activities in the fossil fuel industry. By contrast, there are no indications that firms invested to transition towards renewable energy sources nor in making production less carbon-intensive. Our findings contribute to the ongoing discussion about the potential adverse effects of delays in the implementation of climate regulation.
- JEL Code
- G31 : Financial Economics→Corporate Finance and Governance→Capital Budgeting, Fixed Investment and Inventory Studies, Capacity
G38 : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
- 12 June 2024
- THE INTERNATIONAL ROLE OF THE EUROAnnexes
- 12 June 2024
- THE INTERNATIONAL ROLE OF THE EURO - STATISTICAL ANNEX
Related- 12 June 2024
- PRESS RELEASE
- 10 June 2024
- WORKING PAPER SERIES - No. 2944Details
- Abstract
- We use outages as natural experiments to study sovereign bond market functioning. When the euro area futures market goes down, trading activity on the cash market declines, liquidity evaporates, and transaction prices deviate from fundamental values. Tracing back this macrolevel market breakdown to the micro-level, we show that particularly dealers withdraw from the cash market during outages. While most of their remaining trades remain fairly priced, dealer’s capacity to intermediate trades on the cash market is reduced, forcing more clients to trade directly with each other, leading to substantial mispricing. Lastly, outages on cash trading venues barely affect the futures market, suggesting that price formation and liquidity provision is a one-way street, and outages on the US and euro area futures market barely affect each other, in stark contrast to the significant price spillovers. Our results reveal the trade-offs between a (de)centralized market structure, they support cross-asset learning models to explain the link between liquidity and arbitrage, and they demonstrate how financial intermediaries can impose important limits to arbitrage.
- JEL Code
- G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
- 10 June 2024
- SURVEY OF MONETARY ANALYSTS - AGGREGATE RESULTS
- 10 June 2024
- OCCASIONAL PAPER SERIES - No. 351Details
- Abstract
- The European Union is aiming to foster digital transformation in all sectors by 2030. It has pioneered cross-sectoral legislation on artificial intelligence, cloud computing services and crypto-assets for this purpose. Yet compared with the work done on ESG, the prospective banking regulation regime has still to articulate more purposefully how the industry should manage the risks from digital trends and how supervisors should assess them. This paper discusses digital innovation in the banking sector in the context of the academic literature on financial innovation and non-banks. It also considers how to foster a risk-based Pillar 2 prudential framework, as well as market discipline through harmonised Pillar 3 disclosures. The paper concludes that these latter two propositions can help reconcile the challenges stemming from the short-term horizon applied in prudential assessment and the longer-term horizon over which digital innovation will take place in the banking sector.
Úrokové sadzby
| Jednodňové refinančné operácie | 4,50 % |
| Hlavné refinančné operácie (pevná sadzba) | 4,25 % |
| Jednodňové sterilizačné operácie | 3,75 % |
Miera inflácie
Prehľad inflácieVýmenné kurzy
| USD | US dollar | 1.0715 | |
| JPY | Japanese yen | 169.41 | |
| GBP | Pound sterling | 0.84540 | |
| CHF | Swiss franc | 0.9512 |
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