ECONOMIC BULLETIN
11 January 2024
ECB publishes Economic Bulletin
This publication presents the economic and monetary information which forms the basis for the Governing Council’s policy decisions. It is released eight times a year, two weeks after each monetary policy meeting.
Read the new Economic Bulletin
#AskECB
10 January 2024
Live Q&A on X with Isabel Schnabel
Executive Board member Isabel Schnabel answered questions on X on a wide range of topics, such as inflation, interest rates, the economic outlook and our work on a digital euro.
Full Q&A
THE ECB BLOG
10 January 2024
Inflation in the eastern euro area
Within the euro area, countries in central and eastern Europe have recently experienced the highest inflation rates. Our latest blog post explores the reasons behind this phenomenon and highlights the resulting risks and vulnerabilities.
Read The ECB Blog- 16 January 2024
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 16 January 2024
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 16 January 2024
- PRESS RELEASE
- 11 January 2024
- EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR (EARLY)
- 11 January 2024
- BALANCE OF PAYMENTS (QUARTERLY)
- 9 January 2024
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 9 January 2024
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 12 January 2024
- Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the REBUILD Annual Conference - Post-Pandemic Economic Governance and Next Generation EU in Dublin
- 10 January 2024
- Speech by Luis de Guindos, Vice-President of the ECB, at the 14th edition of Spain Investors Day
- 20 December 2023
- Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the seminar organised by the Economic and Social Research Institute in Dublin
- 14 December 2023
- Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 14 December 2023EnglishOTHER LANGUAGES (23) +Related
- 14 December 2023
- 14 December 2023
- EnglishOTHER LANGUAGES (23) +
- 14 December 2023
- 7 December 2023
- Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB
- 13 January 2024
- Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Federico Fubini
- 10 January 2024
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 10 January 2024
- 3 January 2024
- Tribute article on Wolfgang Schäuble for Die Zeit by Christine Lagarde, President of the ECB
- 22 December 2023
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Meike Schreiber und Markus Zydra on 18 December 2023
- 21 December 2023
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Emilio Ordiz and Jorge Millán
- 10 January 2024
- Within the euro area, countries in central and eastern Europe have recently experienced the highest inflation rates. But why, exactly? The ECB Blog looks at the reasons for these higher prices and highlights the resulting risks and vulnerabilities.Details
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
F62 : International Economics→Economic Impacts of Globalization→Macroeconomic Impacts
O52 : Economic Development, Technological Change, and Growth→Economywide Country Studies→Europe
O51 : Economic Development, Technological Change, and Growth→Economywide Country Studies→U.S., Canada
O11 : Economic Development, Technological Change, and Growth→Economic Development→Macroeconomic Analyses of Economic Development
N24 : Economic History→Financial Markets and Institutions→Europe: 1913?
- 30 December 2023
- 25 years ago, on 1 January 1999, the euro came into force as the single currency for 11 EU Member States. It now serves the economy and eases life for 350 million people in 20 countries.EnglishOTHER LANGUAGES (23) +Details
- JEL Code
- E00 : Macroeconomics and Monetary Economics→General→General
E02 : Macroeconomics and Monetary Economics→General→Institutions and the Macroeconomy
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
- 18 December 2023
- The ECB’s primary mandate is to maintain price stability. So why do we talk so much about climate change? In this post on The ECB Blog, we show how a hotter climate affects prices and the economy and discuss how this impacts the task of central banks.Details
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
Q50 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→General
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
Q51 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Valuation of Environmental Effects
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
- 12 December 2023
- Climate change can endanger financial stability. The ECB Blog looks at how a common macroprudential policy framework could complement microprudential initiatives to make the financial system more resilient.Details
- JEL Code
- E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
G01 : Financial Economics→General→Financial Crises
- 6 December 2023
- Banks are talking more about the environment. But does such talk go hand in hand with greener lending? The ECB Blog finds a disconnect: banks talking more about their environmental policies and goals tend to lend more to brown industries.Details
- JEL Code
- G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G15 : Financial Economics→General Financial Markets→International Financial Markets
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
- 16 January 2024
- WORKING PAPER SERIES - No. 2890Details
- Abstract
- This paper analyzes the link between monetary policy and capital misallocation in a New Keynesian model with heterogeneous firms and financial frictions. In the model, firms with a high return to capital increase their investment more strongly in response to a monetary policy expansion, thus reducing misallocation. This feature creates a new time-inconsistent incentive for the central bank to engineer an unexpected monetary expansion to temporarily reduce misallocation. However, price stability is the optimal timeless response to demand, financial or TFP shocks. Finally, we present firm-level evidence supporting the theoretical mechanism.
- JEL Code
- E12 : Macroeconomics and Monetary Economics→General Aggregative Models→Keynes, Keynesian, Post-Keynesian
E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
L11 : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Production, Pricing, and Market Structure, Size Distribution of Firms
- 16 January 2024
- WORKING PAPER SERIES - No. 2889Details
- Abstract
- What are the macroeconomic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the fiscal conditions? I address this question in a dynamic stochastic sticky-price model with endogenous shifts between an “orthodox” and a “fiscally-dominant” policy regime. The risk of future regime shifts has encompassing effects on equilibrium. Inflation is systematically higher than it would be if fiscal policy always adjusted its primary surplus sufficiently and monetary policy was solely concerned with price stability. This inflation bias is increasing in the real value of government debt. Regime-switching probabilities are not invariant to policy. The central bank can attenuate the risk of a shift to the fiscally-dominant regime by raising the real interest rate sufficiently moderately when inflation increases. Lower fiscal dominance risk, in turn, mitigates the inflation bias.
- 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
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
E63 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Comparative or Joint Analysis of Fiscal and Monetary Policy, Stabilization, Treasury Policy
- 15 January 2024
- WORKING PAPER SERIES - No. 2888Details
- Abstract
- This paper shows the existence of a central bank trilemma. When a central bank is involved in financial intermediation, either directly through a central bank digital currency (CBDC) or indirectly through other policy instruments, it can only achieve at most two of three objectives: a socially eÿcient allocation, financial stability (i.e., absence of runs), and price stability. In particular, a commitment to price stability can cause a run on the central bank. Implementation of the socially optimal allocation requires a commitment to inflation. We illustrate this idea through a nominal version of the Diamond and Dybvig (1983) model. Our perspective may be particularly appropriate when CBDCs are introduced on a wide scale.
- JEL Code
- E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages - Network
- ECB Lamfalussy Fellowship Programme
- 15 January 2024
- WORKING PAPER SERIES - No. 2887Details
- Abstract
- Rapid and large deposit outflows from banks have regained attention in the context of the March 2023 demises of Credit Suisse, SVB and other regional US banks. Moreover, the possible introduction of CBDC or a marked success of stablecoins are perceived as additional clouds over the future of deposit funding. While the bank run literature rarely pays attention to where bank deposits can flow to, this paper distinguishes the different flow of funds mechanics across all possible destinations and reviews for each the current and prospective future factors that may contribute to the observed increase of the speed and size of bank runs. While some of these factors can be contained through policy measures, others, like the intensified competition between banks will inevitably stay, and bank balance sheet management and liquidity regulation need to accept the new normal of somewhat less stable and more expensive sight deposits.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
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
- 12 January 2024
- LETTERS TO MEPS
- 12 January 2024
- LETTERS TO MEPS
- 11 January 2024
- ECONOMIC BULLETIN
- 11 January 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2023Last updated on 12 January 2024Details
- Abstract
- This box analyses recent developments in the net interest income of households and firms in the euro area as a whole and in the largest euro area countries, against the backdrop of rising interest rates. Net interest income is a direct channel through which the ECB transmits policy rate changes to savers and borrowers. Over the last decade net interest income has been negative for households and firms at the aggregate sectoral level. Interest-bearing assets, which affect the interest received by households and firms, and liabilities, which affect interest paid, are important drivers of developments in net interest income. Individual countries demonstrate striking differences in net interest income and interest-bearing assets and liabilities, largely due to specific structural factors.
- JEL Code
- E01 : Macroeconomics and Monetary Economics→General→Measurement and Data on National Income and Product Accounts and Wealth, Environmental Accounts
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
- 11 January 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2023Details
- Abstract
- This box describes liquidity conditions and the Eurosystem’s monetary policy operations during the fifth and sixth maintenance periods of 2023, from 2 August to 31 October 2023.
- JEL Code
- E40 : Macroeconomics and Monetary Economics→Money and Interest Rates→General
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
- 11 January 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2023Last updated on 12 January 2024Details
- Abstract
- The disposable income of households, as measured in the national accounts, benefited from rising labour income and continued strong growth in non-labour income in the first half of 2023. But not all components of income generate a positive cash flow for households. This mainly concerns non-labour income (excluding net fiscal income), which benefited from the exceptionally strong growth in gross operating surplus and the strong increase in financial intermediation services indirectly measured (FISIM). These two components do not generate positive cash flow for households and may therefore not be reflected in households’ income perceptions, which recently lagged behind the positive income developments as measured in the national accounts. One indicator of growth in household income that comes closer to household perceptions is compensation of employees. Looking ahead, the negative assessment by households of recent real income growth appears to be consistent with the muted outlook for private consumption.
- JEL Code
- E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 11 January 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2023Details
- Abstract
- According to the estimates of major international institutions, the euro area output gap remained negative or very close to zero in the aftermath of the pandemic and at the onset of the war in Ukraine, despite the rise in euro area core inflation. This contrasts with most available historical data, which show a positive association of a rise in inflation above its medium-run average with an increase in the output gap. This may reflect the fact that demand shocks have historically had a larger effect on the business cycle relative to supply shocks. However, the shocks that hit the euro area after 2020 – disruptions in supply chains and significant increases in input prices – predominantly came from the supply side of the economy. This box explores how accounting for the role of temporary supply shocks in determining potential output can restore the positive association of the output gap with high inflation after 2020. First, the box discusses the concept of potential output as used by most international organisations. It then looks at indicators that could capture recent exceptional demand and supply conditions. Lastly, using information on these indicators, the box proposes complementary slack measures that better reflect inflationary pressures in times of temporary supply shocks.
- 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
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 11 January 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2023Details
- Abstract
- The US Treasury securities market is the largest and most liquid in the world. Recently, however, its liquidity has declined owing to a combination of factors, including monetary policy tightening and elevated uncertainty about inflation and growth. At the same time, leveraged funds have built up unusually large net short positions in the US Treasury futures market. This box provides empirical evidence that the impact of a US monetary policy shock on domestic and global bond markets may vary depending on conditions in the US Treasury market. Specifically, the results suggest that the effect of a US monetary policy shock might be stronger when market liquidity is low or when net short positions of leveraged funds are large.
- JEL Code
- E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
F3 : International Economics→International Finance
G1 : Financial Economics→General Financial Markets
- 10 January 2024
- WORKING PAPER SERIES - No. 2886Details
- Abstract
- Bank market power, both in the loan and deposit market, has important implications for credit provision and for financial stability. This article discusses these issues through the lens of a simple theoretical framework. On the asset side, banks choose the quality and quantity of loans. On the liability side, they may be subject to depositor runs whenever they offer demandable contracts. This structure allows us to review the literature on the role of market power for credit provision and stability and also highlight the interactions between the two sides of banks’ balance sheets. Our approach identifies relevant channels that deserve further analysis, especially given the rising importance of bank market power for monetay policy transmission and the the rise of the digital economy.
- JEL Code
- G01 : Financial Economics→General→Financial Crises
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
- 10 January 2024
- WORKING PAPER SERIES - No. 2885Details
- Abstract
- The control of carbon emissions by policymakers poses the corporate challenge of developing an optimal carbon management policy. We provide a unified model that characterizes how firms should optimally manage emissions through production, green investment, and the trading of carbon credits. We show that carbon pricing reduces firms’ emissions but also induces firms to tilt towards more immediate yet transient types of green investment—such as abatement as opposed to innovation—as it becomes costlier to comply. Green innovation subsidies mitigate this effect and complement carbon pricing in ensuring innovation-driven sustainability. Perhaps surprisingly, we show that carbon regulation need not reduce firm value.
- JEL Code
- G30 : Financial Economics→Corporate Finance and Governance→General
G31 : Financial Economics→Corporate Finance and Governance→Capital Budgeting, Fixed Investment and Inventory Studies, Capacity
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
D62 : Microeconomics→Welfare Economics→Externalities
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 10 January 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2023Last updated on 11 January 2024Details
- Abstract
- The current monetary policy tightening cycle has led to increases in bank deposit rates, albeit to a lesser extent than in the past. In part this reflects the transition from negative interest rates to rates well into positive territory. When interest rates were very low, spreads between deposit and policy rates became compressed or even negative, as banks were reluctant to charge negative rates to their retail depositors. Consequently, some time was needed in the initial phase of the current tightening cycle for spreads to normalise. During that period, policy rate hikes were matched by only minor increases in deposit rates. The current round of monetary policy tightening has had an impact on portfolio allocation by incentivising shifts from overnight deposits to time deposits and bonds. It has also weakened money creation by (i) bringing credit expansion to a halt, (ii) reabsorbing money in circulation as the Eurosystem’s monetary policy portfolio contracts, and (iii) leading banks to repay central bank funding and replace it with long-term bonds. Both portfolio shifts and the contractionary monetary dynamics have resulted in negative growth rates of unprecedented size for M1 and M3.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
- 9 January 2024
- WORKING PAPER SERIES - No. 2884Details
- Abstract
- We identify jointly supply chain disruptions shocks and energy supply shocks together with demand shocks using a structural BVAR with narrative restrictions. The impact of adverse supply chain disruption shocks on inflation expectations and core HICP is strong and rather persistent, while the impact is small and transitory after energy supply shocks. Supply chain disruption shocks and favourable demand shocks explain the large faction of output fluctuations in the 2020-2022 period. The dynamics of core prices and inflation expectations are instead mostly explained by supply chain disruption shocks and to a lesser extent by adverse energy supply shocks.
- 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
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 9 January 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2023Details
- Abstract
- Manufacturing activity has been weak since the end of 2021, while market services activity has started to slow down more recently. This box uses a lead-lag analysis to examine how developments in manufacturing are correlated with services activity. It then assesses the implications of the recent monetary policy tightening for the near-term outlook across sectors through the lens of an empirical model. The lead-lag analysis shows that current dynamics in manufacturing contain information for near-term dynamics in services activity. The model-based assessment shows that monetary policy shocks have a larger and faster impact on manufacturing than on services and are consistent with a broadening of the impact of monetary policy tightening across sectors during 2023.
- JEL Code
- C11 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Bayesian Analysis: General
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
- 9 January 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2023Details
- Abstract
- The reaction of oil prices to geopolitical shocks depends on the country of origin. Empirical analysis suggests that instances of rising geopolitical tensions generally put downward pressure on oil prices, reflecting weaker global demand on the back of lower economic activity. However, geopolitical events in some major oil-producing countries may lead to increases in oil prices amid expectations by market participants of disruptions to future oil supply. Oil price pressures arising from these adverse shocks are typically short-lived and disappear after one quarter. However, recent heightened geopolitical uncertainty stresses the need to identify the nature of these shocks to disentangle their effects on oil prices and inflation.
- JEL Code
- Q02 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→General→Global Commodity Markets
F01 : International Economics→General→Global Outlook
F51 : International Economics→International Relations, National Security, and International Political Economy→International Conflicts, Negotiations, Sanctions
- 8 January 2024
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 8, 2023Details
- Abstract
- Through its TARGET Services, the Eurosystem facilitates the settlement of wholesale financial transactions in central bank money, the safest and most liquid settlement asset. Settling such transactions in central bank money helps to reduce risks to the financial system and to support financial stability and trust in the currency. The Eurosystem is continuously modernising its settlement infrastructures and adapting to changing user needs. In line with its commitment to provide settlement in central bank money via infrastructures that are fit for purpose – that is, to enable safe and efficient settlement services that meet the needs of their users – the Eurosystem has recently started analysing the impact of the emergence of new technologies, such as distributed ledger technology (DLT). This article describes the findings from Eurosystem market outreach activities regarding the expected future use of DLT for wholesale financial transactions, discusses possible Eurosystem responses to a significant industry uptake of these new technologies, and outlines the Eurosystem’s plans to further explore how wholesale financial transactions recorded on DLT platforms could be settled in central bank money.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 8 January 2024
- SURVEY OF MONETARY ANALYSTS
Interest rates
| Marginal lending facility | 4.75 % |
| Main refinancing operations (fixed rate) | 4.50 % |
| Deposit facility | 4.00 % |
Inflation rate
Inflation dashboardExchange rates
| USD | US dollar | 1.0882 | |
| JPY | Japanese yen | 159.64 | |
| GBP | Pound sterling | 0.86078 | |
| CHF | Swiss franc | 0.9361 |
Financial stability
Our tasks Institutional framework Financial Stability Review Macroprudential policy measuresMarket operations
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