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PRESSEMITTEILUNG

Änderungen an unserem Handlungsrahmen

Der EZB-Rat hat beschlossen, den geldpolitischen Handlungsrahmen anzupassen. Die Änderungen sorgen dafür, dass der Handlungsrahmen angesichts der Bilanznormalisierung des Eurosystems weiterhin angemessen ist. Zudem werden wesentliche Grundsätze und Parameter für die Durchführung der Geldpolitik festgelegt.

Pressemitteilung
REDE 14. März 2024

Der Handlungsrahmen des Eurosystems

Unser Handlungsrahmen ist auf die Besonderheiten der Wirtschaft des Euroraums zugeschnitten, so Direktoriumsmitglied Isabel Schnabel. Angesichts rückläufiger Überschussliquidität trägt unser Handlungsrahmen dazu bei, die Banken auf Zeiten vorzubereiten, in denen Zentralbankreserven nicht mehr kostenlos gehalten werden können.

Rede
ERKLÄRUNG 7. März 2024

Die Kapitalmarktunion voranbringen

Ein einheitlicher Kapitalmarkt ist für das Eurosystem von entscheidender Bedeutung. Schnelles und entschlossenes Handeln ist notwendig, damit bei der Integration und Weiterentwicklung der Kapitalmärkte in Europa deutliche Fortschritte erzielt werden. Der EZB-Rat legt die Gründe hierfür in seiner Erklärung dar.

Erklärung
DER EZB-BLOG 14. März 2024

Kunst der Zentralbanken online

Das Sammeln von Kunst hat bei Zentralbanken Tradition. Zuvor konnten die Kunstwerke nur vor Ort besichtigt werden, aber jetzt präsentieren immer mehr Zentralbanken ihre Sammlungen online. Im EZB-Blog stellen wir vier Konzepte vor.

Der EZB-Blog
13 March 2024
PRESS RELEASE
13 March 2024
PRESS RELEASE
12 March 2024
WEEKLY FINANCIAL STATEMENT
Annexes
12 March 2024
WEEKLY FINANCIAL STATEMENT - COMMENTARY
12 March 2024
PRESS RELEASE
English
OTHER LANGUAGES (1) +
Select your language
7 March 2024
PRESS RELEASE
14 March 2024
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Money Market Contact Group meeting
Annexes
14 March 2024
13 March 2024
Slides by Piero Cipollone, Member of the Executive Board of the ECB, at Convegno Innovative Payments
English
OTHER LANGUAGES (1) +
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7 March 2024
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 7 March 2024
26 February 2024
Speech by Christine Lagarde, President of the ECB, at the plenary session of the European Parliament
23 February 2024
Slides by Isabel Schnabel, Member of the Executive Board of the ECB, at the Lecture on Monetary Policy and Financial Stability conference organised by Bocconi University in Milan
7 February 2024
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Martin Arnold on 2 February 2024
3 February 2024
Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Jonathan Witteman on 29 January 2024
English
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31 January 2024
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Kolja Rudzio
English
OTHER LANGUAGES (1) +
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22 January 2024
Contribution by Christine Lagarde, President of the ECB, French and German members of parliament and other personalities, published on n-tv.de
English
OTHER LANGUAGES (2) +
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13 January 2024
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Federico Fubini
English
OTHER LANGUAGES (1) +
Select your language
14 March 2024
Central banks have been collecting art for a long time. While the works were previously only accessible at their physical locations, more and more central banks now make their collections available online. The ECB Blog showcases four collections you can enjoy from wherever you are.
11 March 2024
In 2021-22 inflation surged due to the direct and indirect effects of the energy shock, together with a set of pandemic-related factors and the Russian invasion of Ukraine. In this post on The ECB Blog, Chief Economist Philip R. Lane looks at the monetary policy actions taken by the ECB in response to these extraordinary inflation shocks.
Details
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
D81 : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty
22 February 2024
Bitcoin has failed on the promise to be a global decentralised digital currency. Instead it is used for illicit transactions. The latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an investment.
Details
JEL Code
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G20 : Financial Economics→Financial Institutions and Services→General
G29 : Financial Economics→Financial Institutions and Services→Other
19 February 2024
Many banks worry their customers might withdraw deposits to hold digital euro instead. These fears are misplaced: a digital euro will be designed as a means of payment and not for investment, argue ECB Executive Board member Piero Cipollone, Ulrich Bindseil and Jürgen Schaaf.
Details
JEL Code
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
13 February 2024
When reading data on reinvestments under the pandemic emergency purchase programme (PEPP) one needs to understand how we implement purchases. Director General Market Operations Imène Rahmouni-Rousseau and Executive Board member Isabel Schnabel explain how to avoid pitfalls.
Annexes
13 February 2024
14 March 2024
WORKING PAPER SERIES - No. 2917
Details
Abstract
We study the impact of a liquidity shock affecting investment funds on the financing conditions of firms. The abrupt liquidity needs of investment funds, triggered by the outbreak of the Covid-19 pandemic, prompted a retrenchment from bond purchases of firms and a withdrawal of short term funds from banks, impacting firm financing costs directly via bond markets, and indirectly via banks. According to our results, the spreads of corporate bonds held by investment funds increased. Furthermore, an increase in the short term funding exposure of a bank to investment funds triggered a contraction in new loans to euro area firms. Overall, our results show that while non-banks in general support firm financing by acting as a spare tyre when banks do not, their own stress can trigger a contractionary credit supply effect for firms.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G30 : Financial Economics→Corporate Finance and Governance→General
13 March 2024
OTHER PUBLICATION
13 March 2024
WORKING PAPER SERIES - No. 2916
Details
Abstract
This study investigates the underlying reasons for banks’ continued support of fossil fuel-based firms and examines the role of public guaranteed loans (PGLs) in redirecting resources towards greener economic activities, thereby facilitating the climate transition process. Using a unique pan-European credit register dataset, we combine supervisory bank data with firm-level greenhouse gas emission data and financial information. Our analysis yields three main findings. Firstly, European banks perceive lending to green companies as riskier compared to their brown counterparts, a phenomenon we term as the “green-transition risk.” Secondly, we provide evidence that during the COVID-19 pandemic, European banks have strategically leveraged PGLs to channel resources towards environmentally sustainable activities, thereby augmenting the proportion of green loans in their portfolios and partially shifting the inherent “green-transition risk” to European governments and citizens. Lastly, our investigation reveals a banking preference for awarding PGLs to financially robust green firms over less profitable, highly indebted green firms, which could pose significant challenges for green businesses requiring financial support during the COVID-19 crisis.
JEL Code
G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
12 March 2024
WORKING PAPER SERIES - No. 2915
Details
Abstract
This paper contributes to understanding consumers' retail payment preferences and digitalisation in personal finances. We focus on the acceptance of cashless payments in everyday situations and the use of mobile banking apps in the euro area, where the payment services market has changed significantly in recent years. In particular, we study app-based tools for day-to-day (offline) purchases that involve small amounts of money as well as digital tools for managing personal finances. By looking at factors associated with using non-cash payment methods, and app-based financial services solutions, we shed light on the topic of financial inclusion in payment services that concern consumers’ everyday choices. Using granular microdata from the European Central Bank's Consumer Expectations Survey, we find that most people prefer to use only one payment instrument. After the COVID-19 pandemic, it has mostly been cash and contactless cards. The use of cash is partly due to limited perceived acceptance of non-cash payments by merchants. We also find substantial cross-country heterogeneity and highlight the prominent role of demographic factors in choosing non-cash payment options and app-based tools when managing personal finances. While mobile banking is already popular amongst euro area consumers, the use of smart payment methods remains very limited. Our findings suggest that financial service providers should recognize the growing preference of the younger generations for alternative payment methods. Creating awareness among consumers might also lead to positive feedback effects by reducing consumers’ reliance on cash through higher perceived availability of non-cash payment options.
JEL Code
C13 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Estimation: General
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
11 March 2024
WORKING PAPER SERIES - No. 2914
Details
Abstract
Using randomized control trials (RCTs) applied over time in different countries, we study whether the economic environment affects how agents learn from new information. We show that as inflation rose in advanced economies, both households and firms became more attentive and informed about publicly available news about inflation, leading them to respond less to exogenously provided information about inflation and monetary policy. We also study the effects of RCTs in countries where inflation has been consistently high (Uruguay) and low (New Zealand) as well as what happens when the same agents are repeatedly provided information in both low-and high-inflation environments (Italy). Our results broadly support models in which inattention is an endogenous outcome that depends on the economic environment.
JEL Code
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
E4 : Macroeconomics and Monetary Economics→Money and Interest Rates
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
11 March 2024
STATISTICS PAPER SERIES - No. 47
Details
Abstract
The Harmonised Index of Consumer Prices (HICP) currently only includes rentals for housing (paid by tenants) and auxiliary housing expenditures (paid by both tenants and owners). The inclusion of an item for owner-occupied housing (OOH) would be desirable for both representativeness and cross-country comparability. This paper reviews the potential options for including OOH in the HICP to derive a new inflation index. We discuss the conceptual and measurement issues involved. Additionally, we present our analytical calculations on the impact and economic properties of this index as compared to the HICP. We show that since 2011 the estimated impact of including OOH in HICP annual inflation, based on either the “net acquisition” approach or the “rental equivalence” approach, would have been within a band of between -1.2 and +0.4 percentage points. The net acquisition approach could result in bigger differences in future, should the fluctuations in the housing market cycles in the euro area be more pronounced and synchronised. The results should be interpreted keeping in mind that the period of observation is relatively short in relation to housing market cycles. In general, the empirical evidence suggests that including OOH based on the rental equivalence approach decreases the cyclicality of the new inflation index, while the net acquisition approach implies a small amplification of its cyclical properties compared to the HICP.
JEL Code
C43 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Index Numbers and Aggregation
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
11 March 2024
SURVEY OF MONETARY ANALYSTS - AGGREGATE RESULTS
8 March 2024
WORKING PAPER SERIES - No. 2913
Details
Abstract
We show that public guaranteed loans (PGL) increase credit availability improving real effects, but private banks’ incentives imply that weaker banks shift riskier corporate loans to taxpayers. We exploit credit register data during the COVID-19 shock in Spain, and a stylized model guides the empirics. Unlike non-PGL, banks provide more PGL to riskier firms in which banks have higher pre-crisis shares of firm total credit. Importantly, these effects are stronger for weaker banks. Results using firm(-bank) fixed effects and loan volume versus price information suggest a credit supply-driven mechanism. Moreover, exploiting exogenous variation across similar firms with differing PGL access, we confirm these findings, and we additionally show that PGL increases banks’ overall lending and credit share, with positive effects for firm survival and investment.
JEL Code
G01 : Financial Economics→General→Financial Crises
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G38 : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H81 : Public Economics→Miscellaneous Issues→Governmental Loans, Loan Guarantees, Credits, Grants, Bailouts
7 March 2024
MACROECONOMIC PROJECTIONS FOR THE EURO AREA
Annexes
7 March 2024
MACROECONOMIC PROJECTIONS FOR THE EURO AREA
28 February 2024
OCCASIONAL PAPER SERIES - No. 343
Details
Abstract
This paper applies the semi-structural model proposed by Bernanke and Blanchard (2023) to analyse wage growth, price inflation and inflation expectations in the euro area. It is part of a broader project coordinated by Bernanke and Blanchard to provide a unified framework for analysing and comparing global inflation dynamics across the major world economic areas, including US, euro area, Canada, UK, and Japan. The paper makes four main contributions. First, it estimates the model using quarterly data from the euro area covering the period from the first quarter of 1999 to the second quarter of 2023. Second, it conducts an empirical assessment of how euro area price inflation responds to various exogenous shocks. This includes evaluating how shock transmission evolved during the pandemic and comparing it with experience in the United States. Third, the model decomposes the drivers of wage growth and price inflation in the post-pandemic period. It emphasises the transmission channels and the respective roles of supply and demand forces that have contributed to the recent inflationary surge. Notably, it identifies the impact of labour market tightness, productivity, global supply chain disruptions and energy and food price shocks. Finally, the model generates conditional projections based on these exogenous shocks, enabling a more robust cross-check of inflation forecasts during times of significant global economic disturbances.
JEL Code
C5 : Mathematical and Quantitative Methods→Econometric Modeling
E47 : Macroeconomics and Monetary Economics→Money and Interest Rates→Forecasting and Simulation: Models and Applications
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
F4 : International Economics→Macroeconomic Aspects of International Trade and Finance
27 February 2024
OCCASIONAL PAPER SERIES - No. 342
Details
Abstract
The introduction of the Securities Financing Transactions Regulation into EU law provides a unique opportunity to obtain an in-depth understanding of repo markets. Based on the transaction-level data reported under the regulation, this paper presents an overview and key facts about the euro area repo market. We start by providing a description of the dataset, including its regulatory background, as well as highlighting some of its advantages for financial stability analysis. We then go on to present three sets of findings that are highly relevant to financial stability and focus on the dimensions of the different market segments, counterparties, and collateral, including haircut practices. Finally, we outline how the data reported under the regulation can support the policy work of central banks and supervisory authorities. We demonstrate that these data can be used to make several important contributions to enhancing our understanding of the repo market from a financial stability perspective, ultimately assisting international efforts to increase repo market resilience.
JEL Code
G10 : Financial Economics→General Financial Markets→General
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
27 February 2024
OCCASIONAL PAPER SERIES - No. 341
Details
Abstract
This paper studies the short-term and long-term consequences of the COVID-19 pandemic for productivity in Europe. Aggregate and sectoral evidence is complemented by firm-level data-based findings obtained from a large micro-distributed exercise. Productivity trends during the COVID-19 pandemic differed from past trends. Labour productivity per hour worked temporarily increased, while productivity per employee declined across sectors given the widespread use of job retention schemes. The extensive margin of productivity growth was muted to some degree by the policy support granted to firms. Firm entries declined while firm exits increased much less than during previous crises. The pandemic had a significant impact on the intensive margin of productivity growth and led to a temporary drop in within-firm productivity per employee and increased reallocation. Job reallocation was productivity-enhancing but subdued compared to the Great Recession. As confirmed by a granular data analysis of the distribution of employment subsidies and loan guarantees and moratoria, job reallocation and also debt distribution and“zombie firm” prevalence were not significantly affected by the COVID-19 policy support. The pandemic and related lockdowns accelerated changes in consumer preferences and working habits with potential long-term effects. Generous government support muted the surge in unemployment and reduced permanent scarring effects.
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
O47 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→Measurement of Economic Growth, Aggregate Productivity, Cross-Country Output Convergence
27 February 2024
OCCASIONAL PAPER SERIES - No. 340
Details
Abstract
The impact of climate change on European Union (EU) countries and regions is poised to exhibit considerable diversity, influenced by factors encompassing average temperature, sectoral composition, developmental stages, and adaptation endeavours. The transition towards a more climate-friendly economy demands a well-orchestrated approach to mitigate enduring productivity costs. This shift will have varied implications for businesses, contingent upon their scale, access to financial resources, and capacity for innovation. The formulation of transition policies holds the potential to foster green innovation without displacing other initiatives, yet stringent climate regulations might impede the productivity ascent of pollutant-emitting enterprises. It will thus take time to reap the benefits of innovation. The efficacy of the policy mix is of critical importance in determining the trajectory of success. Market-driven mechanisms exhibit milder distortions compared to non-market-based strategies, though they may not inherently stimulate innovation. Significantly, subsidies earmarked for green research and development (R&D) emerge as a pivotal instrument for fostering innovation, thus constituting a vital component of the policy repertoire during the green transition. The implementation of transition policies will inevitably trigger a substantial reallocation of resources among and within sectors, potentially carrying short-term adverse ramifications. Notably, considerable productivity disparities exist between top and bottom emitters within specific industries. The transition period poses a risk to a substantial proportion of firms and can erode employment opportunities, with a likely decline in new ventures within affected sectors.
JEL Code
D24 : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity
L52 : Industrial Organization→Regulation and Industrial Policy→Industrial Policy, Sectoral Planning Methods
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
O38 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Government Policy
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
27 February 2024
OCCASIONAL PAPER SERIES - No. 339
Details
Abstract
The productivity-enhancing effects of digitalisation have generated increased interest in the promotion of digital technologies. This report provides different estimations for euro area countries of the impact of digital uptake on productivity at firm level, showing that the adoption of digital technologies could lead to an increase in firms’ productivity in the medium term. However, not all firms and sectors experience significant productivity gains from digital adoption, and not all digital technologies deliver significant productivity gains. The report highlights possible factors behind the low productivity benefits of digitalisation in euro area countries. For example, a lack of strong institutions and governance structures may help to explain why digital diffusion is slower than expected, why it is slower in some countries than others and why the expected productivity benefits from digitalisation have not been fully achieved by now. Furthermore, the report suggests that the full benefits of the digital revolution will be reaped by properly supplying skills to firms and also by investing in computerised information in low-productivity firms.
JEL Code
D24 : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity
E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
J24 : Labor and Demographic Economics→Demand and Supply of Labor→Human Capital, Skills, Occupational Choice, Labor Productivity
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
O38 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Government Policy
C67 : Mathematical and Quantitative Methods→Mathematical Methods, Programming Models, Mathematical and Simulation Modeling→Input?Output Models
23 February 2024
LEGAL ACT
23 February 2024
LEGAL ACT
23 February 2024
LEGAL ACT
23 February 2024
LEGAL ACT
22 February 2024
FAQ
22 February 2024
ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM

Zinssätze

Spitzenrefinanzierungsfazilität 4,75 %
Hauptrefinanzierungsgeschäfte (fester Zinssatz) 4,50 %
Einlagefazilität 4,00 %
20. September 2023 Frühere Leitzinsen der EZB

Inflationsrate

Schaubild zur Inflation

Wechselkurse

USD US dollar 1.0925
JPY Japanese yen 161.70
GBP Pound sterling 0.85420
CHF Swiss franc 0.9616
Stand: 14. März 2024 Euro-Wechselkurse