Digital euro
The Eurosystem is preparing for the potential issuance of a digital euro to complement physical cash.
PRESS RELEASE
9 February 2026
President Lagarde on the departure of the Governor of the Banque de France
President Christine Lagarde expresses her respect for François Villeroy de Galhau’s personal decision to step down as Governor of the Banque de France. She highlights his contribution to his country and to Europe and wishes him all the best in his new mission.
Read President Lagarde’s full statement
INTERVIEW
8 February 2026
A digital euro for Europe’s autonomy
We need to act now. If we waste time, our dependence on non-European payment providers will deepen, says Executive Board member Piero Cipollone in an interview with Cyprus News Agency. We need a digital euro for Europe’s strategic autonomy and resilience.
Read Piero Cipollone’s interview
CAREERS
9 February 2026
Your future could start at the ECB
Are you a recent PhD or master’s graduate with a passion for Europe and a drive to make a difference? With our Graduate Programme, you’ll gain hands‑on experience, learn from experts and develop your skills in a multicultural environment at the heart of central banking.
Apply by 13 February- 9 February 2026
- PRESS RELEASE
- 6 February 2026
- PRESS RELEASERelated
- 6 February 2026
- SURVEY OF PROFESSIONAL FORECASTERS
- 5 February 2026
- MONETARY POLICY DECISIONEnglishOTHER LANGUAGES (23) +Related
- 5 February 2026
- COMBINED MONETARY POLICY DECISIONS AND STATEMENT
- 4 February 2026
- MFI INTEREST RATE STATISTICS
- 3 February 2026
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 3 February 2026
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 9 February 2026
- Speech by Christine Lagarde, President of the ECB, at the plenary session of the European ParliamentRelated
- 28 April 2025
- EnglishOTHER LANGUAGES (22) +
- 9 February 2026
- Slides by Philip R. Lane, Member of the Executive Board of the European Central Bank, at Maynooth University in Ireland
- 6 February 2026
- Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the event “The digital euro in Cyprus”
- 5 February 2026
- Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 5 February 2026EnglishOTHER LANGUAGES (23) +Related
- 5 February 2026
- 28 January 2026
- Slides by Isabel Schnabel, Member of the Executive Board of the European Central Bank, at the Frauennetzwerktreffen Baden-Badener Unternehmer Gespräche in Frankfurt, Germany
- 8 February 2026
- Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Thalia Neophytou on 6 February 2026
- 28 January 2026
- Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Manuel V. Gomez on 22 January 2026
- 26 January 2026
- Interview with Piero Cipollone, conducted by Markus Zydra and Meike Schreiber on 15 January 2026
- 15 January 2026
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Kathryn Carlson, Geoffrey Smith and Johanna Treeck
- 12 January 2026
- Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Fabrizio Goria on 12 January 2026
- 6 February 2026
- Bulgaria adopted the euro on 1 January 2026. With this, Българската народна банка (the Bulgarian National Bank) became a full shareholder and the Bulgarian governor has taken a seat on the ECB’s Governing Council. This blog post explains what this means for the Eurosystem.Details
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
- 26 January 2026
- An effective transmission of monetary policy to credit is key for supporting investment and growth. This blog post examines the recent credit recovery, highlighting that it has been more gradual than in past episodes and explores the factors behind this sluggish recovery.Details
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
- 19 January 2026
- The way central banks communicate has a profound impact on how people perceive monetary policy. But who delivers messages also matters. This ECB Blog post explains how the messenger can affect both the reach and influence of policy communication.Details
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
- 16 January 2026
- The euro area yield curve steepened significantly in 2025 as long-term and especially very long-term interest rates increased. This ECB Blog post dissects what happened and explores key drivers behind the unusually strong shift.Details
- JEL Code
- E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
- 15 January 2026
- The ESCB has strengthened its climate indicators, introducing new breakdowns of sustainable bonds, data on how inflation affects banks’ carbon intensity metrics, and improved data and models assessing physical risks. This ECB Blog post offers a quick overview of the enhancements.Details
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
Q50 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→General
- 9 February 2026
- WORKING PAPER SERIES - No. 3181Details
- Abstract
- We use CPI micro data for nine euro area countries to document new evidence on consumer price stickiness in the euro area during the 2021-2024 inflation cycle. In 2022, the monthly frequency of price changes reached 12%, compared with an average of 8% over 2010–2019, roughly a four-percentage-point increase; it then fell quickly in 2023 and more slowly in 2024, ending close to its pre-pandemic level. The decline in the frequency of price changes was faster for food and nonenergy industrial goods (NEIG) than for services, where frequencies remained elevated in 2024. The overall frequency rose mainly because there were more price increases, while the magnitude of the average size of the price increases or decreases changed only marginally during the surge. Products with a larger imported-energy cost share responded more strongly, and hazard-rate evidence shows that the probability of price adjustments increases with the gap between actual and optimal prices, consistent with state-dependent pricing and a steepening of the Phillips curve. To illustrate the implications of this state dependence, a macro model suggests that peak inflation would have been almost 1 percentage point lower if the frequency had not responded to the inflation surge.
- 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
F33 : International Economics→International Finance→International Monetary Arrangements and Institutions
L11 : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Production, Pricing, and Market Structure, Size Distribution of Firms - Network
- Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP)
- 9 February 2026
- WORKING PAPER SERIES - No. 3180Details
- Abstract
- Unlike past high-inflation episodes, the euro area labour market remained surprisingly resilient during the inflation surge of the early 2020s. This paper investigates the drivers of this resilience by combining long-span euro area macroeconomic data (1970–2025) with a structural VAR analysis that disentangles the roles of aggregate demand and supply, monetary policy, and factor-substitution shocks. Our findings show that, in contrast to the 1970s and 1980s, the decline in real wages has supported labour demand and, more broadly, the labour market, thereby helping to explain the decoupling between output and employment. We also find that monetary policy shocks have had a stronger impact on output than on employment,further amplifying the pro-cyclicality of labour productivity.
- 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
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
- 9 February 2026
- SURVEY OF MONETARY ANALYSTS - AGGREGATE RESULTS
- 6 February 2026
- LETTERS TO MEPS
- 6 February 2026
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 1,Details
- Abstract
- This box summarises the main findings from recent contacts between ECB staff and representatives of 79 leading non-financial companies operating in the euro area. According to these exchanges, which took place between 5 and 14 January 2026, business momentum and confidence had continued to improve in recent months, although the outlook was clouded by concerns surrounding the competitiveness of the euro area in the wake of changing global trade patterns. Employment growth and its outlook remained lacklustre. Price growth remained moderate overall and continued to be driven by growth in services prices. Firms continued to anticipate further wage moderation.
- JEL Code
- E2 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
L2 : Industrial Organization→Firm Objectives, Organization, and Behavior
- 6 February 2026
- SURVEY OF PROFESSIONAL FORECASTERSAnnexes
- 6 February 2026
- SURVEY OF PROFESSIONAL FORECASTERS
- 3 February 2026
- EURO AREA BANK LENDING SURVEYAnnexes
- 3 February 2026
- EURO AREA BANK LENDING SURVEY - ANNEX
- 2 February 2026
- SURVEY ON THE ACCESS TO FINANCE OF ENTERPRISES IN THE EURO AREAAnnexes
- 2 February 2026
- SAFE QUESTIONNAIRE
- 28 January 2026
- WORKING PAPER SERIES - No. 3179Details
- Abstract
- This paper develops a novel empirical framework to analyse the drivers of business expectations in the euro area. Using harmonised data from the European Commission’s business surveys for manufacturing, services, and construction, we build composite business expectations indices (BEI) for activity and prices. These composite BEI exhibit strong predictive power for near-term real GDP growth and GDP deflator inflation. To identify the underlying forces shaping expectations, we estimate sector-specific structural Bayesian vector autoregression models, combining responses on expectations and reported limits to production. According to the results, demand-side shocks, notably product demand and financial conditions, account for the bulk of fluctuations in business expectations, with heterogeneous effects across sectors. Supply-side shocks, notably materials supply and labour conditions, play a significant role in driving price expectations, especially during the post-pandemic inflationary period. Our results demonstrate the value of a granular survey-based modelling approach for real-time economic analysis and policy assessment.
- JEL Code
- C11 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Bayesian Analysis: General
E10 : Macroeconomics and Monetary Economics→General Aggregative Models→General
E60 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General
- 28 January 2026
- WORKING PAPER SERIES - No. 3178Details
- Abstract
- We study how deposit rate shocks transmit across banking markets through digital social ties. Depositors’ inattention implies that households react to outside rate changes only when social networks make these changes salient, inducing connected banks to raise their own rates. Using merger-driven shocks to local deposit rates and county-level social connectedness, we show that small banks increase rates in response to shocks occurring in socially linked but geographically distant counties. Spillovers are economically meaningful, persistent, and stronger in competitive markets and in counties with more financially sophisticated households. Digital social ties therefore activate depositor search and integrate deposit markets across space.
- JEL Code
- G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G29 : Financial Economics→Financial Institutions and Services→Other
- 28 January 2026
- OTHER PUBLICATIONAnnexes
- 28 January 2026
- SURVEY ON CREDIT TERMS AND CONDITIONS IN EURO-DENOMINATED SECURITIES FINANCING AND OTC DERIVATIVES MARKETS
- 27 January 2026
- WORKING PAPER SERIES - No. 3177Details
- Abstract
- The EU Carbon Border Adjustment Mechanism (CBAM) came into force on 1 October 2023, introducing reporting requirements for importers of covered products and, from 2026, an obligation to pay a fee on the carbon content of imported goods. This paper uses indices of ad valorem tariffs to assess the incidence of the EU CBAM on both EU member states and the EU’s trading partners. Overall, the direct impact on EU countries’ trade is estimated to be small, adding 0.1 percent to the value of EU imports when averaged across all imports, and 0.04 percent to the average cost of non-EU countries’ exports to the EU—with a maximum of 1.2 percent. However, effects could be sizeable for specific products such as iron, steel and aluminium, which can help explain CBAM’s political salience. Moreover, an expanded CBAM featuring full coverage of ETS sectors, and a significantly higher carbon price could entail larger costs in the more distant future.
- JEL Code
- F13 : International Economics→Trade→Trade Policy, International Trade Organizations
F64 : International Economics→Economic Impacts of Globalization→Environment
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
Q56 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Environment and Development, Environment and Trade, Sustainability, Environmental Accounts and Accounting, Environmental Equity, Population Growth
- 27 January 2026
- RESEARCH BULLETIN - No. 139Details
- Abstract
- The post-pandemic inflation surge is often attributed to pent-up demand andopportunistic price hikes. In fact, it is better explained by the effects of theeconomy’s production network and “state-dependent” pricing, where firmschange prices optimally when the reward justifies the effort. Firms are tightlylinked through supply chains so a surge in prices upstream can triggersimultaneous repricing by many layers of firms downstream, fuelling broad-based inflation. Unlike standard models, our euro area model includes theseeffects and successfully reproduces the post-pandemic inflation surge andfaster repricing. This implies analysis of such effects is indispensable formonetary policy
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 22 January 2026
- LETTERS TO MEPS
- 22 January 2026
- WORKING PAPER SERIES - No. 3176Details
- Abstract
- We provide empirical evidence that the pricing of green bonds tends to be highly sophisticated and based on a two-tiered approach. When buying a green bond, investors do not look only at the presence of a green label, but also consider additional characteristics of the bond that involve the environmental score of the issuer and the soundness of the underlying project. By comparing the yields at issuance of green bonds to those of a matched control sample of conventional bonds, our baseline specification identifies a premium of 16 basis points for the green label alone. Furthermore, when the environmental score of the issuer is in the top tercile of the cross-sectional distribution of such an indicator across the analyzed issuers, the greenium nearly doubles. Green certification and periods of heightened climate uncertainty also significantly affect the size of the greenium.
- JEL Code
- G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G15 : Financial Economics→General Financial Markets→International Financial Markets
C21 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Cross-Sectional Models, Spatial Models, Treatment Effect Models, Quantile Regressions
C58 : Mathematical and Quantitative Methods→Econometric Modeling→Financial Econometrics
Q56 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Environment and Development, Environment and Trade, Sustainability, Environmental Accounts and Accounting, Environmental Equity, Population Growth
- 22 January 2026
- OTHER PUBLICATIONAnnexes
- 22 January 2026
- OTHER PUBLICATION
- 19 January 2026
- WORKING PAPER SERIES - No. 3175Details
- Abstract
- We examine the state dependence of monetary policy transmission and the parameters of the Phillips curve, dynamic IS equation, and Taylor rule across four regimes defined by joint deviations of inflation from the Federal Reserve’s target and output from potential. The analysis uncovers important regime-specific asymmetries. The Taylor principle holds across all four regimes. The systematic policy response to the output gap weakens when inflation is below target but output remains above potential, whereas the response to inflation is broadly similar across regimes. The size of monetary policy shocks is significantly larger when inflation exceeds its target. The Phillips curve steepens when inflation exceeds target and output is above potential, while output sensitivity to interest rate changes declines under high inflation and economic slack. This explains why monetary policy shocks are significantly larger in inflationary booms, but transmission becomes less effective when elevated inflation coincides with economic slack.
- JEL Code
- C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
- 19 January 2026
- SURVEY OF MONETARY ANALYSTS
- 15 January 2026
- CONSULTATION RESPONSE
- 15 January 2026
- ECONOMIC BULLETINEnglishOTHER LANGUAGES (22) +
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| Marginal lending facility | 2,40 % |
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