Publications published in 2015

18/12/2015
Statistics paper no. 12: Measuring non-response bias in a cross-country enterprise survey Data file: en
18/12/2015
ECB Legal Conference 2015: From Monetary Union to Banking Union, on the way to Capital Markets Union: New opportunities for European integration, December 2015 ePub: en
18/12/2015
Letter from the ECB President to Mr Giegold, MEP, on the ECB’s participation in international fora
18/12/2015
Letter from the ECB President to Mr De Masi, MEP, on the ECB’s HR polices
17/12/2015
Economic Bulletin Issue 8, 2015 PDF version ePub version
17/12/2015
Focus: Review of draft budgetary plans for 2016
Economic Bulletin Issue 8, 2015
17/12/2015
Focus: The creation of competitiveness boards in the context of striving towards a genuine economic union
Economic Bulletin Issue 8, 2015
17/12/2015
Focus: The role of base effects in the projected path of HICP inflation
Economic Bulletin Issue 8, 2015
17/12/2015
Focus: Liquidity conditions and monetary policy operations in the period from 22 July to 27 October 2015
Economic Bulletin Issue 8, 2015
17/12/2015
Article: New features in monetary and financial statistics
Economic Bulletin Issue 8, 2015
16/12/2015
Letter from the ECB President to the European Ombudsman on AnaCredit
Ombudsman's acknowledgment at http://www.ombudsman.europa.eu/cases/correspondence.faces/en/63170/html.bookmark
16/12/2015
Focus: Wages, productivity and competitiveness: a granular approach
Economic Bulletin Issue 8, 2015
16/12/2015
Focus: Downward wage rigidity and the role of structural reforms in the euro area
Economic Bulletin Issue 8, 2015
15/12/2015
Working paper no. 1873: Dating systemic financial stress episodes in the EU countries
15/12/2015
Working paper no. 1872: Fiscal rules, fiscal space and procyclical fiscal policy
14/12/2015
Working paper no. 1871: How do speed and security influence consumers' payment behavior?
14/12/2015
Working paper no. 1870: Regional dynamics of economic performance in the EU: To what extent spatial spillovers matter?
14/12/2015
Article: What is behind the recent rebound in euro area employment?
Economic Bulletin Issue 8, 2015
14/12/2015
Focus: What is behind the low investment in the euro area? Responses from a survey of large euro area firms
Economic Bulletin Issue 8, 2015
10/12/2015
The impact of the CRR and CRD IV on bank financing - Eurosystem response to the DG FISMA consultation paper
10/12/2015
Letter from the ECB President to Mr Papadimoulis (MEP) on the ECB Opinion of 2 September 2015 on bank resolution
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04/12/2015
Legal framework for Banking Supervision, Volume III (November 2015) ePub: en
03/12/2015
Eurosystem staff macroeconomic projections for the euro area
[online only]
03/12/2015
Letter from the ECB President to Mr Valli, MEP, and Mr Zanni, MEP, on principles for external communication by members of the Executive Board
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03/12/2015
Letter from the ECB President to Mr Viegas, MEP, on principles for external communication by members of the Executive Board
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02/12/2015
Letter from the ECB President to Mr Carthy, MEP, on the ESM direct recapitalisation instrument
02/12/2015
Letter from the ECB President to Mr Papadimoulis, MEP, on monetary policy
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02/12/2015
Letter from the ECB President to members of the ALDE Group in the EP on the expanded asset purchase programme
02/12/2015
Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP, on monetary policy
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02/12/2015
Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP, on monetary policy
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02/12/2015
Letter from the ECB President to Ms In 't Veld, MEP, on virtual currency schemes
02/12/2015
Letter from the ECB President to Mr Hayes, MEP, on monetary policy
02/12/2015
Letter from the ECB President to Mr Mavrides, MEP, on the United Nations-led negotiations between the two communities in Cyprus
02/12/2015
Letter from the ECB President to Mr Fernández, MEP, on monetary policy
02/12/2015
Letter from the ECB President to Mr Mavrides, MEP
02/12/2015
Survey on the Access to Finance of Enterprises in the euro area - April to September 2015
[online only]
Press release:
30/11/2015
Survey of national practices regarding MFI balance sheet statistics
25/11/2015
Working paper no. 1869: Spillovers from the ECB's non-standard monetary policies on non-euro area EU countries: evidence from an event-study analysis
25/11/2015
Financial Stability Review Press release:
24/11/2015
Working paper no. 1868: To bi, or not to bi? Differences in spillover estimates from bilateral and multilateral multi-country models
Published in: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute, Working Paper 256: "To Bi, or not to Bi? Differences in Spillover Estimates from Bilateral and Multilateral Multi-country Models"
23/11/2015
The impact of the Basel III leverage ratio on risk-taking and bank stability
18/11/2015
Guide to consultation of the European Central Bank by national authorities regarding draft legislative provisions
(updated 1 July 2016)
17/11/2015
Letter from the ECB President to Mr Carthy, MEP, on the Irish adjustment programme
17/11/2015
Letter from the ECB President to Mr Carthy, MEP, on the use of the term “no-bail-out clause”
17/11/2015
Letter from the ECB President to Mr Carthy, MEP, on the ESM direct recapitalisation instrument
17/11/2015
Letter from the ECB President to Mr Fabio De Masi, MEP, on several aspects of the ECB’s human resource policies
17/11/2015
Letter from the ECB President to Mr Jonas Fernandez, MEP, on the current regulatory framework for sovereign exposures
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17/11/2015
Letter from the ECB President to Mr Fernandez, MEP, on the Economic and Monetary Union
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17/11/2015
Letter from the ECB President to Mr Flanagan, MEP, on several aspects of the Irish adjustment programme
17/11/2015
Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP
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16/11/2015
Working paper no. 1867: A note on implementing the Durbin and Koopman simulation smoother
Published in: Computational Statistics & Data Analysis, Vol 91, November 2015: pp 1-3
16/11/2015
Working paper no. 1866: Interconnectedness of the banking sector as a vulnerability to crises
11/11/2015
2015 update of the ECB’s environmental statement
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10/11/2015
Household Sector Report 2015 Q2 Press release:
06/11/2015
Working paper no. 1865: Inflation forecasts: Are market-based and survey-based measures informative?
05/11/2015
Working paper no. 1864: Asset purchase programmes and financial markets: lessons from the euro area
05/11/2015
Economic Bulletin Issue 7, 2015 PDF version ePub version
05/11/2015
Focus: The creation of a European Fiscal Board
Economic Bulletin Issue 7, 2015
05/11/2015
Focus: New data on loans to the private sector adjusted for sales and securitisation
Economic Bulletin Issue 7, 2015
05/11/2015
Focus: An assessment of recent euro area consumption growth
Economic Bulletin Issue 7, 2015
05/11/2015
Focus: Explaining the drivers of the recent increase in oil price volatility
Economic Bulletin Issue 7, 2015
05/11/2015
Article: European statistics: cooperation between the European System of Central Banks and the European Statistical System
Economic Bulletin Issue 7, 2015
04/11/2015
Focus: Trade links between the euro area and China
Economic Bulletin Issue 7, 2015
03/11/2015
Article: The transmission of the ECB's recent non-standard monetary policy measures
Economic Bulletin Issue 7, 2015
02/11/2015
Article: The short-term fiscal implications of structural reforms
Economic Bulletin Issue 7, 2015
30/10/2015
Legal working paper no. 15: The Single Rulebook: legal issues and relevance in the SSM context
29/10/2015
Report on financial structures
28/10/2015
Working paper no. 1863: Fiscal multipliers during consolidation: evidence from the European Union
28/10/2015
Letter from the ECB President to Mr Fabio De Masi, MEP, on members of the ECB’s decision-making bodies participating to public and private debates
28/10/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on the Greek adjustment programme
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28/10/2015
ECB Forum on Central Banking, Sintra 2015: Inflation and unemployment in Europe. Conference proceedings ePub: en
27/10/2015
Working paper no. 1862: Worker flows in the European Union during the Great Recession
27/10/2015
Working paper no. 1861: Loan supply, credit markets and the euro area financial crisis
22/10/2015
Letter from the ECB President to Ms Eva Kaili, MEP, on the Greek adjustment programme
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22/10/2015
Letter from the ECB President to Ms Eva Kaili, MEP, on virtual currency schemes and alternative forms of payment
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21/10/2015
Working paper no. 1860: What drives forbearance - evidence from the ECB Comprehensive Assessment
21/10/2015
Working paper no. 1859: Corporate investment and bank-dependent borrowers during the recent financial crisis
09/10/2015
Working paper no. 1858: Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds
08/10/2015
Working paper no. 1857: International spillovers in inflation expectations
08/10/2015
Working paper no. 1856: Combining time-variation and mixed-frequencies: an analysis of government spending multipliers in Italy
30/09/2015
Euro money market survey, September 2015 Press release:
29/09/2015
Letter from the ECB President to the Syriza Party MEPs on the Greek adjustment programme
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25/09/2015
Working paper no. 1855: Quantitative effects of the shale oil revolution
25/09/2015
Working paper no. 1854: Determinants of global spillovers from US monetary policy
24/09/2015
Working paper no. 1853: Price level changes and the redistribution of nominal wealth across the euro area
24/09/2015
Working paper no. 1852: Financial literacy and savings account returns
23/09/2015
Working paper no. 1851: A rotated Dynamic Nelson-Siegel model with macro-financial applications
23/09/2015
Occasional paper no. 166: The side effects of national financial sector policies: framing the debate on financial protectionism
23/09/2015
Standards for the use of central counterparties in Eurosystem foreign reserve management operations
23/09/2015
Eurosystem oversight policy framework
22/09/2015
Letter from the ECB President to Mr Sven Giegold and Mr Peter Simon, MEPs, on AnaCredit
18/09/2015
Working paper no. 1850: Jagged cliffs and stumbling blocks: interest rate pass-through fragmentation during the Euro area crisis
18/09/2015
Working paper no. 1849: Drivers of banks' cost of debt and long-term benefits of regulation - an empirical analysis based on EU banks
18/09/2015
Letter from the ECB President to Mr Richard Sulik, MEP, on TARGET2 operations
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18/09/2015
Letter from the ECB President to Mr Fabio De Masi, MEP, on the access to ECB documents
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18/09/2015
Letter from the ECB President to Mr Fabio De Masi, MEP, on the ECB Staff Survey
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18/09/2015
Letter from the ECB President to Ms Mara Bizzotto, MEP, on consumer protection
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18/09/2015
Letter from the ECB President to Mr Marco Zanni and Mr Marco Valli, MEPs, on the provision of emergency liquidity assistance (ELA)
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18/09/2015
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the Greek adjustment programme
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18/09/2015
Letter from the ECB President to Mr Jonás Fernández, MEP, on the provision of emergency liquidity assistance (ELA)
17/09/2015
Working paper no. 1848: Systemic risk rankings and network centrality in the European banking sector
17/09/2015
Working paper no. 1847: Private wealth across European countries: the role of income, inheritance and the welfare state
17/09/2015
Economic Bulletin Issue 6, 2015 PDF version ePub version
17/09/2015
Focus: Country-specific recommendations for fiscal policies under the 2015 European Semester
Economic Bulletin Issue 6, 2015
17/09/2015
Focus: Recent developments in euro area food prices
Economic Bulletin Issue 6, 2015
17/09/2015
Focus: Publication of TARGET balances
Economic Bulletin Issue 6, 2015
17/09/2015
Focus: The usefulness of TARGET2 transaction data for the analysis of the unsecured overnight money market
Economic Bulletin Issue 6, 2015
17/09/2015
Focus: Liquidity conditions and monetary policy operations in the period from 22 April to 21 July 2015
Economic Bulletin Issue 6, 2015
16/09/2015
Focus: Revised trade weights for the effective exchange rates of the euro reflect the increasing importance of emerging market economies
Economic Bulletin Issue 6, 2015
16/09/2015
Article: The fiscal impact of financial sector support during the crisis
Economic Bulletin Issue 6, 2015
15/09/2015
Article: The state of the house price cycle in the euro area
Economic Bulletin Issue 6, 2015
15/09/2015
Focus: A survey-based measure of slack for the euro area
Economic Bulletin Issue 6, 2015
14/09/2015
Working paper no. 1846: Characterising the financial cycle: a multivariate and time-varying approach
14/09/2015
Focus: Recent developments and outlook for non-oil commodity prices
Economic Bulletin Issue 6, 2015
10/09/2015
Statistics paper no. 11: The Bank for the Accounts of Companies Harmonized (BACH) database
08/09/2015
Letter from the ECB President to the Members of Europe Nations and Freedoms on the main building of the European Central Bank
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08/09/2015
Letter from the ECB President to Mr Notis Marias, MEP, on the Greek adjustment programme
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07/09/2015
Working paper no. 1845: A false sense of security in applying handpicked equations for stress test purposes
04/09/2015
ECB response to the European Commission's consultation on the review of the EMIR
03/09/2015
Letter from the ECB President to Mr Jonas Fernández, MEP, on the expanded asset purchase programme
03/09/2015
Letter from the ECB President to Mr Brian Hayes, MEP, on SAFE survey results
03/09/2015
Letter from the ECB President to Mr Brian Hayes, MEP, on the ECB’s letter to the European Ombudsman
03/09/2015
Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEPs, on targeted longer-term refinancing operations
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03/09/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on statistics on financial sector assistance measures provided by governments
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03/09/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on manipulation of financial markets and insider trading
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03/09/2015
Letter from the ECB President to Mr Richard Sulik, MEP, on Slovakian legislation
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03/09/2015
Letter from the ECB President to Mr Sven Giegold, MEP, on The Economic Adjustment Programme for Cyprus
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03/09/2015
ECB staff macroeconomic projections for the euro area
28/08/2015
Occasional paper no. 165: Public debt, population ageing and medium-term growth
25/08/2015
Working paper no. 1844: Domestic and multilateral effects of capital controls in emerging markets
25/08/2015
Report of the ESCB on the need for any measure to facilitate the access of CCPs to central bank liquidity facilities
24/08/2015
Working paper no. 1843: Debt overhang and deleveraging in the US household sector: gauging the impact on consumption
24/08/2015
Working paper no. 1842: The real effects of credit constraints: evidence from discouraged borrowers in the euro area
21/08/2015
Working paper no. 1841: Inattention to rare events
21/08/2015
Working paper no. 1840: Sovereign risk, interbank freezes, and aggregate fluctuations
20/08/2015
Occasional paper no. 164: Financial stability challenges in EU candidate and potential candidate countries
19/08/2015
Statistics paper no. 10: Nowcasting GDP with electronic payments data
07/08/2015
Working paper no. 1839: The geography of the great rebalancing in euro area bond markets during the sovereign debt crisis
07/08/2015
Working paper no. 1838: Estimation of linear dynamic panel data models with time-invariant regressors
06/08/2015
Working paper no. 1837: Modeling financial sector joint tail risk in the euro area
06/08/2015
Working paper no. 1836: Assessing the financial and financing conditions of firms in Europe: the financial module in CompNet
05/08/2015
Working paper no. 1835: Between capture and discretion - The determinants of distressed bank treatment and expected government support
05/08/2015
Working paper no. 1834: Fiscal targets. A guide to forecasters?
30/07/2015
Focus: Recent developments in extra-euro area trade: the role of emerging market economies
Economic Bulletin Issue 5, 2015
30/07/2015
Focus: Does consumer confidence predict private consumption?
Economic Bulletin Issue 5, 2015
30/07/2015
Focus: Why has growth in emerging market economies slowed?
Economic Bulletin Issue 5, 2015
30/07/2015
Economic Bulletin Issue 5, 2015 PDF version ePub version
29/07/2015
Letter from the ECB President to Martin Schulz, President of the European Parliament, and Roberto Gualtieri, Chair of ECON, concerning a request from several MEPs
29/07/2015
Follow-up letter from the ECB President to Ms Marian Harkin, MEP, on the ECB’s participation in the Irish parliamentary Committee of Inquiry
29/07/2015
Article: Real convergence in the euro area: evidence, theory and policy implications
Economic Bulletin Issue 5, 2015
28/07/2015
Focus: The impact of negative short-term rates on the money market fund industry
Economic Bulletin Issue 5, 2015
27/07/2015
Focus: Has underlying inflation reached a turning point?
Economic Bulletin Issue 5, 2015
24/07/2015
Research Bulletin No. 22
23/07/2015
Memorandum of Understanding on adapting banknote equipment to the new €20 banknote Press release:
15/07/2015
Working paper no. 1833: The great collapse in value added trade
15/07/2015
Working paper no. 1832: Long-lasting consequences of the European crisis
15/07/2015
Occasional paper no. 163: Compendium on the diagnostic toolkit for competitiveness
15/07/2015
Fourth report on card fraud, July 2015
14/07/2015
Statistics paper no. 9: Quantifying the effects of online bullishness on international financial markets
14/07/2015
Working paper no. 1831: Credit ratings and cross-border bond market spillovers
Published in: Journal of International Money and Finance, Vol 53, May 2015: pp 115-136
14/07/2015
Working paper no. 1830: Optimal capital requirements over the business and financial cycles
14/07/2015
Letter from the ECB President to Mr Marco Zanni and Mr Marco Valli, MEPs, on money supply
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14/07/2015
Letter from the ECB President to Mr Marco Zanni and Mr Marco Valli, MEPs, on speech delivered by a member of the ECB Executive Board on 18 May 2015
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14/07/2015
Letter from the ECB President to Mr Janusz Korwin-Mikke, MEP, on the expanded asset purchase programme
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14/07/2015
Letter from the ECB President to Mr Sven Giegold, MEP, on the Cypriot banking sector
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14/07/2015
Letter from the ECB President to Ms Eva Kaili, MEP, on monetary policy
13/07/2015
Working paper no. 1829: Creditor protection, judicial enforcement and credit access
13/07/2015
Working paper no. 1828: Network linkages to predict bank distress
13/07/2015
Legal framework for Banking Supervision, Volume II (July 2015) ePub: en
09/07/2015
Working paper no. 1827: Capital regulation in a macroeconomic model with three layers of default
09/07/2015
Working paper no. 1826: Virtual proximity and audiovisual services trade
Published in: European Economic Review, Vol. 77, pp. 82-101
08/07/2015
Working paper no. 1825: Uncertainty shocks, banking frictions and economic activity
08/07/2015
Working paper no. 1824: Shoe-leather costs in the euro area and the foreign demand for euro banknotes
08/07/2015
The international role of the euro, July 2015 ePub: en
Press release:
07/07/2015
Working paper no. 1823: Financial constraints and productivity: evidence from euro area companies
07/07/2015
Working paper no. 1822: Gender bias and credit access
07/07/2015
Financial Risk Management of Eurosystem Monetary Policy Operations, July 2015 ePub: en
01/07/2015
Letter from the ECB President to Mr Notis Marias, MEP, on the Greek adjustment programme
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01/07/2015
Letter from the ECB President to Mr Matt Carthy, MEP, on the Irish adjustment programme
01/07/2015
Letter from the ECB President to Mr Notis Marias, MEP, on the Greek adjustment programme
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30/06/2015
Statistics paper no. 8: New and timely statistical indicators on government debt securities
26/06/2015
Working paper no. 1821: Financing constraints, employment, and labor compensation: evidence from the subprime mortgage crisis
26/06/2015
Working paper no. 1820: Sovereign stress, unconventional monetary policy, and SME access to finance
26/06/2015
Working paper no. 1819: Euro area business cycles in turbulent times: convergence or decoupling?
Published in: Applied Economics, Vol 47 (34-35): pp. 3791-3815
25/06/2015
Working paper no. 1818: An alternative view of exchange market pressure episodes in emerging Europe: an analysis using Extreme Value Theory (EVT)
25/06/2015
Working paper no. 1817: Wealth effects on consumption across the wealth distribution: empirical evidence
22/06/2015
Completing Europe's Economic and Monetary Union Press release
19/06/2015
Working paper no. 1816: Conservatism and liquidity traps
19/06/2015
Working paper no. 1815: Spillovers and euroscepticism
18/06/2015
Working paper no. 1814: VAR for VaR: measuring tail dependence using multivariate regression quantiles
Published in: Journal of Econometrics, Vol 187, Iss. 1: pp 169-188
18/06/2015
Working paper no. 1813: A new identification of fiscal shocks based on the information flow
18/06/2015
Letter from the ECB President to Ms Eva Kaili, MEP, on the Greek adjustment programme
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18/06/2015
Letter from the ECB President to Mr Sven Giegold, MEP, on the Cypriot banking sector
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18/06/2015
Letter from the ECB President to Mr Burkhard Balz, MEP, on the Eurosystem Credit Assessment Framework
18/06/2015
Letter from the ECB President to Mr Fabio De Masi, MEP, on the Public Sector Purchase Programme (PSPP)
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18/06/2015
Letter from the ECB President to Mr Fabio De Masi, MEP, on the access to ECB documents
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18/06/2015
Letter from the ECB President to Mr Jonas Fernández, MEP, on the Economic and Monetary Union
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18/06/2015
Article: Forecasting the price of oil
Economic Bulletin Issue 4, 2015
18/06/2015
Article: IMF surveillance of the euro area and its member countries
Economic Bulletin Issue 4, 2015
18/06/2015
Focus: The effectiveness of the medium-term budgetary objective as an anchor of fiscal policies
Economic Bulletin Issue 4, 2015
18/06/2015
Focus: The 2015 Ageing Report: how costly will ageing in Europe be?
Economic Bulletin Issue 4, 2015
18/06/2015
Focus: Monitoring the exchange rate pass-through to HICP inflation
Economic Bulletin Issue 4, 2015
18/06/2015
Focus: Recent equity price developments in the euro area and the United States
Economic Bulletin Issue 4, 2015
18/06/2015
Focus: Liquidity conditions and monetary policy operations in the period from 28 January 2015 to 21 April 2015
Economic Bulletin Issue 4, 2015
18/06/2015
Focus: The rise to prominence of India’s economy
Economic Bulletin Issue 4, 2015
18/06/2015
Economic Bulletin Issue 4, 2015 PDF version ePub version
17/06/2015
Working paper no. 1812: The relationship between structural and cyclical features of the EU financial sector
17/06/2015
Working paper no. 1811: Capturing the financial cycle in Europe
17/06/2015
Focus: Non-bank financing for euro area NFCs during the crisis
Economic Bulletin Issue 4, 2015
16/06/2015
Working paper no. 1810: Banking and currency crises: differential diagnostics for developed countries
16/06/2015
Working paper no. 1809: Do banks' overnight borrowing rates lead their CDS Price? evidence from the Eurosystem
16/06/2015
Focus: Recent current account developments in euro area countries with large pre-crisis deficits
Economic Bulletin Issue 4, 2015
15/06/2015
Working paper no. 1808: Has the publication of minutes helped markets to predict the monetary policy decisions of the Bank of England's MPC?
Published in: European Journal of Political Economy, Vol 39, September 2015: pp 222-234 as "Have minutes helped markets to predict the MPC's monetary policy decisions"
15/06/2015
Working paper no. 1807: Does uncertainty affect participation in the European Central Bank's Survey of Professional Forecasters?
15/06/2015
Article: The role of the central bank balance sheet in monetary policy
Economic Bulletin Issue 4, 2015
12/06/2015
Working paper no. 1806: Will the true labor share stand up?
12/06/2015
Working paper no. 1805: Credit market disequilibrium in Greece (2003-2011) - a Bayesian approach
11/06/2015
Working paper no. 1804: Bank bailouts and competition - Did TARP distort competition among sound banks?
11/06/2015
Working paper no. 1803: The information content of money and credit for US activity
11/06/2015
Letter from the ECB President to Mr Alfred Sant, MEP, on ECB employment policy
11/06/2015
Letter from the ECB President to Ms Ulrike Trebesius, MEP, on monetary policy
11/06/2015
Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on several aspects of the Irish adjustment programme
11/06/2015
Letter from the ECB President to Ms Emily O'Reilly, European Ombudsman, regarding a speech delivered by a member of the ECB Executive Board on 18 May 2015.
10/06/2015
Working paper no. 1802: What has driven inflation dynamics in the Euro area, the United Kingdom and the United States
10/06/2015
Occasional paper no. 162: Fiscal multipliers and beyond
09/06/2015
Working paper no. 1801: The exchange rate, asymmetric shocks and asymmetric distributions
09/06/2015
Working paper no. 1800: Unraveling the skill premium
08/06/2015
Working paper no. 1799: Financial exposure to the euro area before and after the crisis: home bias and institutions at home
08/06/2015
Working paper no. 1798: Capital inflows and euro area long-term interest rates
Published in: Journal of International Money and Finance, Elsevier, Vol 54(C): pp 186-204
08/06/2015
European Reporting Framework (ERF): Key facts and information, June 2015
03/06/2015
Eurosystem staff macroeconomic projections for the euro area
[online only]
02/06/2015
Institutional provisions 2015 ePUB version: en
02/06/2015
Survey on the access to finance of enterprises in the euro area - October 2014 to March 2015
[online only]
Press release
01/06/2015
Towards the banking union – opportunities and challenges for statistics
[online only]
ePUB version: en
01/06/2015
TARGET Annual Report 2014 ePub: en
Press release
28/05/2015
Working paper no. 1797: Bank bias in Europe: effects on systemic risk and growth
28/05/2015
Working paper no. 1796: Real estate markets and macroprudential policy in Europe
28/05/2015
Financial Stability Review, May 2015
27/05/2015
Working paper no. 1795: Lack of confidence, the zero lower bound, and the virtue of fiscal rules
22/05/2015
Working paper no. 1794: Granger causality and regime inference in Bayesian Markov-Switching VARs
22/05/2015
Working paper no. 1793: Collateral damage? Micro-simulation of transaction cost shocks on the value of central bank collateral
22/05/2015
Letter from the ECB President to Mr Jonás Fernández, MEP, on temporary agency work at the ECB
22/05/2015
Letter from the ECB President to Mr Bernd Kölmel, MEP, on monetary policy
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22/05/2015
Letter from the ECB President to Mr Mr Kostas Chrysogonos, MEP, on the ECB’s new premises
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22/05/2015
Letter from the ECB President to Mr Notis Marias, MEP, on Advocate General’s Opinion in Case C-62/14
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22/05/2015
Letter from the ECB President to Mr Miguel Urbán Crespo, MEP, on aspects related to banknotes production
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22/05/2015
Letter from the ECB President to Mr Jonás Fernández, MEP, on the Public Sector Purchase Programme (PSPP)
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22/05/2015
Letter from the ECB President to Mr Bernd Lucke, MEP, on the Public Sector Purchase Programme (PSPP)
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21/05/2015
Building a Capital Markets Union – Eurosystem contribution to the European Commission’s Green Paper EC Consultation page
20/05/2015
Working paper no. 1792: The risk management approach to monetary policy, nonlinearity and aggressiveness: the case of the US Fed
19/05/2015
Working paper no. 1791: Interest rates, money, and banks in an estimated euro area model
Published in: Journal of Banking & Finance, Vol 55, June 2015: pp 281-294
19/05/2015
Working paper no. 1790: Household saving behaviour and credit constraints in the euro area
18/05/2015
Occasional paper no. 161: Critique of accommodating central bank policies and the 'expropriation of the saver' - A review
08/05/2015
Letter from the ECB President to Mr Ramon Tremosa i Balcells, MEP, on the expanded asset purchase programme
08/05/2015
Letter from the ECB President to ECR Members
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08/05/2015
Letter from the ECB President to Mr Costas Mavrides, MEP
08/05/2015
Letter from the ECB President to Mr Miguel Viegas, MEP, on the new ECB premises
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08/05/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on monetary policy
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08/05/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on non-performing loans
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08/05/2015
Letter from the ECB President to Mr Jonás Fernández, MEP, on monetary policy
08/05/2015
Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEPs, on electronic money
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08/05/2015
Letter from the ECB President to Mr Jonás Fernández, MEP, on the public sector purchase programme
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04/05/2015
Working paper no. 1789: Exploring price and non-price determinants of trade flows in the largest euro-area countries
04/05/2015
Working paper no. 1788: Assessing European firms' exports and productivity distributions: the CompNet trade module
30/04/2015
Euro money market study 2014 Press release:
30/04/2015
Focus: Developments in longer-term inflation expectations in the euro area
Economic Bulletin Issue 3, 2015
30/04/2015
Focus: What has been driving consumer confidence?
Economic Bulletin Issue 3, 2015
30/04/2015
Focus: Recent developments in the consumption of durable goods
Economic Bulletin Issue 3, 2015
30/04/2015
Economic Bulletin Issue 3, 2015 PDF version ePub version
29/04/2015
Working paper no. 1787: "Made in China" - How does it affect our understanding of global market shares?
29/04/2015
Working paper no. 1786: Optimal supervisory architecture and financial integration in a banking union
29/04/2015
Article: Understanding the weakness in world trade
Economic Bulletin Issue 3, 2015
28/04/2015
Focus: Broad money and lending in the United States during the implementation of the Federal Reserve's large-scale asset purchase programmes
Economic Bulletin Issue 3, 2015
27/04/2015
Working paper no. 1785: A measure of redenomination risk
27/04/2015
Working paper no. 1784: Policy mandates for macro-prudential and monetary policies in a new Keynesian framework
27/04/2015
Focus: Japan's recent net export performance
Economic Bulletin Issue 3, 2015
27/04/2015
Financial integration in Europe, 2015
24/04/2015
Euro area monetary and financial statistics - 2014 quality report
23/04/2015
Working paper no. 1783: Monetary and macroprudential policy with foreign currency loans
22/04/2015
Working paper no. 1782: The impact of fiscal policy announcements by the Italian government on the sovereign spread: a comparative analysis
Published in: European Journal of Political Economy, Vol 39, September 2015: pp 288-304
22/04/2015
Working paper no. 1781: The determinants of sovereign bond yield spreads in the EMU
22/04/2015
Letter from Sabine Lautenschläger, Member of the Executive Board and Vice-Chair of the Supervisory Board, to Mr Giegold, MEP, and Mr Theurer, MEP, on AnaCredit
21/04/2015
Letter from the ECB President to Mr Jonas Fernandez, MEP
21/04/2015
Letter from the ECB President to the Members of the EFDD on the expanded asset purchase programme (APP)
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21/04/2015
Letter from the ECB President to Ms Mara Bizzotto, MEP, and Mr Gianluca Buonanno, MEP, on the expanded asset purchase programme (APP)
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21/04/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on the expanded asset purchase programme (APP)
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21/04/2015
Letter from the ECB President to Mr Miguel Viegas, MEP, on the ECB’s new premises
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21/04/2015
Letter from the ECB President to Mr Kostas Chrysogonos, MEP
21/04/2015
Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on several aspects of the Irish adjustment programme
21/04/2015
Letter from the ECB President to Mr Jonás Fernández, MEP, and Ms Eider Gardiazabal Rubial, MEP, on the judgement of the General Court of the European Union of 4 March 2015 in Case T-496/11
21/04/2015
Letter from the ECB President to Mr Gianluca Buonanno, MEP
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21/04/2015
Letter from the ECB President to Mr Gianluca Buonanno, MEP
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21/04/2015
Letter from the ECB President to Mr Marco Valli, MEP, and Mr Marco Zanni, MEP
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21/04/2015
Letter from the ECB President to Ms Eva Kaili, MEP, on monetary policy
21/04/2015
Letter from the ECB President to Mr Fabio de Masi, MEP, and Mr Neoklis Sylikiotis, MEP, on the Cypriot banking sector
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21/04/2015
Letter from the ECB President to Mr Gianluca Buonanno, MEP, on virtual currency schemes (VCS)
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21/04/2015
Letter from the ECB President to Mr Hugues Bayet, MEP, on the expanded asset purchase programme (APP)
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20/04/2015
Annual Report 2014
15/04/2015
Letter from the ECB President to the Members of GUE/NGL on monetary policy
15/04/2015
Letter from the ECB President to Mr Matt Carthy, MEP, on the expanded asset purchase programme (APP)
15/04/2015
Letter from the ECB President to Mr Kostas Chrysogonos, MEP
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15/04/2015
Letter from the ECB President to Mr Fabio De Masi, MEP, on Outright Monetary Transactions (OMTs)
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15/04/2015
Letter from the ECB President to Mr Jonás Fernandez, MEP, on the expanded asset purchase programme (APP)
15/04/2015
Letter from the ECB President to Mr Jonás Fernandez, MEP, on the eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations
15/04/2015
Letter from the ECB President to Mr Jonás Fernandez, MEP, on the eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations
15/04/2015
Letter from the ECB President to the Members of GUE/NGL on the eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations
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15/04/2015
Letter from the ECB President to Ms Paloma López Bermejo, MEP, on the eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations
09/04/2015
Statistics paper no. 7: Financial assistance measures in the euro area from 2008 to 2013: statistical framework and fiscal impact Data file: en
08/04/2015
Working paper no. 1780: Do financial reforms help stabilize inequality?
08/04/2015
Working paper no. 1779: Commercial bank failures during the Great Recession: the real (estate) story
07/04/2015
Working paper no. 1778: European firm adjustment during times of economic crisis
07/04/2015
Working paper no. 1777: Exports and domestic demand pressure: a dynamic panel data model for the euro area countries
02/04/2015
Working paper no. 1776: Expectation-driven cycles: time-varying effects
02/04/2015
Working paper no. 1775: Housing market dynamics: Any news?
01/04/2015
Working paper no. 1774: Does fiscal austerity affect public opinion?
01/04/2015
Working paper no. 1773: An automatic leading indicator, variable reduction and variable selection methods using small and large datasets: Forecasting the industrial production growth for euro area economies
01/04/2015
Letter from the ECB President to EFDD Members on high-denomination euro banknotes
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01/04/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on Outright Monetary Transactions
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01/04/2015
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the Eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations
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27/03/2015
Joint response from the Bank of England and the ECB to the consultation document of the European Commission: "An EU framework for simple, transparent and standardised securitisation" EC consultation page (with original consultation document, FAQ)
26/03/2015
Working paper no. 1772: Fragility in money marketfunds: sponsor support and regulation
26/03/2015
Working paper no. 1771: Governments' payment discipline: the macroeconomic impact of public payment delays and arrears
Published in: Journal of Macroeconomics, January 2016
26/03/2015
The first euros. The creation and issue of the first euro banknotes and the road to the Europa series
A comprehensive insight into the history of euro banknotes, from their conception to the second series of notes, the Europa series, written by the former Director Banknotes of the European Central Bank.
ePUB version: en
24/03/2015
Working paper no. 1770: The confidence effects of fiscal consolidations
24/03/2015
Working paper no. 1769: Ending over-lending: assessing systemic risk with debt to cash flow
23/03/2015
Working paper no. 1768: Macroprudential oversight, risk communication and visualization
23/03/2015
Working paper no. 1767: Labour market adjustments in Europe and the US: How different?
Published in: Economic Policy, Vol 30 (84), 2015: pp 643-682
19/03/2015
Economic Bulletin Issue 2, 2015 PDF version ePub version
19/03/2015
Focus: Follow-up to the review of draft budgetary plans for 2015
Economic Bulletin Issue 2, 2015
19/03/2015
Focus: The 2015 macroeconomic imbalance procedure
Economic Bulletin Issue 2, 2015
19/03/2015
Focus: Factors behind recent household saving patterns in the euro area
Economic Bulletin Issue 2, 2015
19/03/2015
Focus: Liquidity conditions and monetary policy operations in the period from 12 November 2014 to 27 January 2015
Economic Bulletin Issue 2, 2015
19/03/2015
Focus: Assessing US inflation developments using the Phillips curve
Economic Bulletin Issue 2, 2015
19/03/2015
Article: Who holds what? New information on securities holdings
Economic Bulletin Issue 2, 2015
17/03/2015
Working paper no. 1766: Shifting horizons: assessing macro trends before, during, and following systemic banking crises
17/03/2015
Focus: Effects of e-commerce on inflation
Economic Bulletin Issue 2, 2015
17/03/2015
Focus: Recent movements in the effective exchange rate of the euro
Economic Bulletin Issue 2, 2015
16/03/2015
Working paper no. 1765: Endogenous labor share cycles: theory and evidence
16/03/2015
Working paper no. 1764: Assessing European competitiveness: the new CompNet microbased database
16/03/2015
Article: Progress with structural reforms across the euro area and their possible impacts
Economic Bulletin Issue 2, 2015
11/03/2015
Letter from the ECB President to Mr Gianluca Buonanno, MEP
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11/03/2015
Letter from the ECB President to Mr Enrique Calvet Chambon, MEP, on the extended asset purchase programme
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11/03/2015
Letter from the ECB President to Mr Marco Valli, MEP, and Mr Marco Zanni, MEP, on the ABS purchase programme
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11/03/2015
Letter from the ECB President to the S&D Members on the extended asset purchase programme
11/03/2015
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the Greek adjustment programme
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11/03/2015
Letter from the ECB President to Mr Gianluca Buonanno, MEP
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10/03/2015
Working paper no. 1763: Do professional forecasters behave as if they believed in the new Keynesian Phillips Curve for the euro area?
10/03/2015
Working paper no. 1762: Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession
Published in: Journal of Monetary Economics
09/03/2015
Working paper no. 1761: Global value chains: a view from the euro area
09/03/2015
Working paper no. 1760: Comparing fiscal multipliers across models and countries in Europe
05/03/2015
ECB staff macroeconomic projections for the euro area, March 2015
[online only]
03/03/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on monetary policy
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03/03/2015
Letter from the ECB President to Ms Mara Bizzotto, MEP, on monetary policy
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03/03/2015
Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on several aspects of the Irish adjustment programme
03/03/2015
Letter from the ECB President to Mr Jonas Fernandez, MEP, on monetary policy
ENGLISH
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02/03/2015
Virtual currency schemes - a further analysis
[online only]
27/02/2015
Eurosystem oversight report 2014
25/02/2015
Guide for the assessment of card payment schemes against the oversight standards
24/02/2015
Letter from the ECB President to MEP Harkin on the ECB’s participation in the Irish parliamentary Committee of Inquiry
24/02/2015
Letter of the President of the ECB to the President of the Eurogroup, Mr Jeroen Dijsselbloem, on the list of measures submitted by the Greek authorities
24/02/2015
Ninth survey on correspondent banking in euro, 2014
19/02/2015
Consolidated balance sheet of the Eurosystem as at 31 December 2014
Last updated 17/06/2015
18/02/2015
Letter from the ECB President to Mr Miguel Viegas, MEP, on monetary policy
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18/02/2015
Letter from the ECB President to Mr Matt Carthy, MEP, on several aspects of the Irish adjustment programme
18/02/2015
Letter from the ECB President to Mr Jonás Fernández, MEP, on monetary policy
18/02/2015
Letter from the ECB President to Mr Kostas Chrysogonos , MEP, on monetary policy
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18/02/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on institutional matters
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12/02/2015
Working paper no. 1759: Corporate Debt Structure and the Financial Crisis
12/02/2015
Working paper no. 1758: Leading indicators of systemic banking crises: Finland in a panel of EU countries
10/02/2015
Working paper no. 1757: Efficiency, Inefficiency and the MENA Frontier
06/02/2015
Occasional paper no. 160: The four unions "PIE" on the Monetary Union "CHERRY": a new index of European Institutional Integration EURII Scoreboard: en
06/02/2015
Occasional paper no. 159: Comparisons and contrasts of the impact of the crisis on euro area labour markets
05/02/2015
Focus: Flexibility within the Stability and Growth Pact
Economic Bulletin Issue 1, 2015
05/02/2015
Focus: Trends in profit margins of euro area non-financial corporations
Economic Bulletin Issue 1, 2015
05/02/2015
Focus: The recent oil price decline and the euro area economic outlook
Economic Bulletin Issue 1, 2015
05/02/2015
Focus: Recent developments in the labour force participation rate in the euro area
Economic Bulletin Issue 1, 2015
05/02/2015
Focus: Lithuania adopts the euro
Economic Bulletin Issue 1, 2015
05/02/2015
Focus: The outlook for China's economy: risks, reforms and challenges
Economic Bulletin Issue 1, 2015
05/02/2015
Focus: The Governing Council's expanded asset purchase programme
Economic Bulletin Issue 1, 2015
05/02/2015
Economic Bulletin Issue 1, 2015 PDF version ePub version
04/02/2015
Article: Grocery prices in the euro area: findings from the analysis of a disaggregated price dataset
Economic Bulletin Issue 1, 2015
03/02/2015
Article: Focus: Recent developments in the labour force participation rate in the euro area
Economic Bulletin Issue 1, 2015
30/01/2015
Occasional paper no. 158: IMF Surveillance in Europe
26/01/2015
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on certain aspects of the macroeconomic adjustment programme in Greece
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14/01/2015
Letter from the ECB President to Mr Kostas Chrysogonos , MEP
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14/01/2015
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP
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14/01/2015
Letter from the ECB President to Mr Gianluca Buonanno , MEP, on financial regulation
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08/01/2015
Letter from the ECB President to Mr Richard Sulik, MEP, on the ECB’s banking supervision tasks
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08/01/2015
Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEP, on the comprehensive assessment
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08/01/2015
Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEP, on the targeted longer-term refinancing operations
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08/01/2015
Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on monetary policy
[online only]
08/01/2015
Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEP, on fiscal and monetary policies
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08/01/2015
Letter from the ECB President to Mr Mario Borghezio, MEP, on the comprehensive assessment
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01/01/2015
CCBM information for counterparties – summary of legal instruments used in the euro area
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01/01/2015
CCBM procedures for Eurosystem counterparties
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