ACCOUNTABILITY
4 February 2022
Hearing at the European Parliament
President Christine Lagarde will speak on 7 February before the European Parliament’s Committee on Economic and Monetary Affairs and answer questions from its members. The hearing will be webcast live and starts at 16:15 CET.
Live webcast
#AskECB
Join Twitter Q&A with Isabel Schnabel
What would you like to ask our Executive Board member Isabel Schnabel? She will be answering questions live on Twitter from 16:00 CET on Wednesday, 9 February.
Submit your questions via #AskECB
PODCAST
5 February 2022
All you need to know about euro banknotes
Make sure you have a euro banknote to hand as our host Katie Ranger and Martin Münd, counterfeit expert and banknote enthusiast, explore everything you need to know about euro banknotes in this latest episode of The ECB Podcast.
The ECB Podcast- 4 February 2022
- PRESS RELEASERelated
- 4 February 2022
- SURVEY OF PROFESSIONAL FORECASTERS
- 3 February 2022
- MONETARY POLICY DECISIONEnglishOTHER LANGUAGES (23) +Related
- 3 February 2022
- COMBINED MONETARY POLICY DECISIONS AND STATEMENT
- 3 February 2022
- MFI INTEREST RATE STATISTICS
- 1 February 2022
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 1 February 2022
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 1 February 2022
- PRESS RELEASE
- 3 February 2022
- Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 3 February 2022EnglishOTHER LANGUAGES (23) +Related
- 14 January 2022
- Introductory statement by Christine Lagarde, President of the ECB, at the meeting of the Conference of Parliamentary Committees for Union Affairs of the Parliaments of the European Union (COSAC)
- 11 January 2022
- Welcome address by Christine Lagarde, President of the ECB, at a virtual ceremony marking the change of office of the President of the Bundesbank
- 8 January 2022
- Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at a panel on “Climate and the Financial System” at the American Finance Association 2022 Virtual Annual Meeting
- 16 December 2021
- Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 16 December 2021EnglishOTHER LANGUAGES (22) +Related
- 25 January 2022
- Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Emilis Linge and Dalius Simenas
- 14 January 2022
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Markus Zydra, Bastian Brinkmann and Meike Schreiber on 10 January 2022
- 11 January 2022
- Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Isabella Bufacchi
- 7 January 2022
- Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Robert Shortt on 7 January and published on 7 January 2022
- 22 December 2021
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Eric Albert on 16 December and published on 22 December
- 31 December 2021
- Blog post by Christine Lagarde, President of the ECBEnglishOTHER LANGUAGES (16) +Details
- Summary
- Europe and the euro have become inseparable, President Christine Lagarde writes in The ECB Blog to mark the 20th anniversary of euro banknotes and coins. She recalls her first encounter with a euro banknote, and reflects on how far the euro has come and what lies ahead.
- 19 November 2021
- Blog post by Fabio Panetta, Member of the Executive Board of the ECBDetails
- Summary
- To continue playing its role as the anchor of the monetary system, central bank money will need to respond to evolving needs, says Executive Board member Fabio Panetta. This means that we must intensify the work on central bank digital currencies.
- 4 November 2021
- Blog post by Christine Lagarde, President of the ECBEnglishOTHER LANGUAGES (16) +Details
- Summary
- The COP26 summit is a vital opportunity to set out a clear path towards a zero-carbon world, President Lagarde writes in a blog post. While the road ahead may seem daunting, she argues that a credible transition path will need clear signposts to break it up into more manageable stages.
- 14 September 2021
- Blog post by Isabel Schnabel, Member of the Executive Board of the ECBDetails
- Summary
- While rising inflation understandably worries people, current inflation rates should be interpreted with caution, writes Executive Board member Isabel Schnabel.
- 31 August 2021
- Contribution by Isabel Schnabel, Member of the Executive Board of the ECB, to the International Monetary Fund’s magazine Finance and DevelopmentDetails
- Summary
- The existential threat posed by climate change implies that central banks must not stand on the sidelines in the fight against global warming, writes Executive Board member Isabel Schnabel. Our ambitious climate action plan outlines how the ECB will contribute within its mandate.
- 4 February 2022
- SURVEY OF PROFESSIONAL FORECASTERSAnnexes
- 4 February 2022
- ANNEX
Related- 4 February 2022
- PRESS RELEASE
- 4 February 2022
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 1, 2022Details
- Abstract
- This box summarises the main findings from contacts between ECB staff and representatives of 74 leading non-financial companies operating in the euro area. The exchanges mainly took place between 10 and 19 January 2022. According to these contacts, overall activity was strong or growing across a range of sectors. However, supply constraints were still limiting firms’ ability to meet demand and generating pipeline price pressures, on top of which businesses faced surging energy costs. Most contacts expected wage growth to pick up somewhat this year. Given the cost pressures and continued strong customer demand, most contacts reported increasing prices and a more dynamic pricing environment, especially in the industrial sector.
- 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
- 3 February 2022
- OTHER PUBLICATION
- 3 February 2022
- OTHER PUBLICATION
- 1 February 2022
- THE EURO AREA BANK LENDING SURVEYAnnexes
- 1 February 2022
- BANK LENDING SURVEY - ANNEX
- 26 January 2022
- RESEARCH BULLETIN - No. 91Details
- Abstract
- Homeownership among younger households has been decreasing in several major advanced economies. In this analysis, I show that increases in labour income inequality and uncertainty are key drivers of this trend. Confronted with high house prices and low, risky incomes, many young households cannot or do not want to risk making such a big, illiquid investment. As a result, they accumulate less wealth.
- JEL Code
- D31 : Microeconomics→Distribution→Personal Income, Wealth, and Their Distributions
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
J31 : Labor and Demographic Economics→Wages, Compensation, and Labor Costs→Wage Level and Structure, Wage Differentials
- 21 January 2022
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 16Details
- Abstract
- This article assesses proposed reforms to the European Money Market Funds (MMF) Regulation to enhance the resilience of the sector. Specifically, the article provides a rationale for requiring private debt MMFs to hold higher levels of liquid assets, of which a part should be public debt, and considers the design and calibration of such a requirement. The article also proposes that the impediments to the use of liquidity buffers should be removed and authorities should have a role in releasing these buffers. Finally, while the removal of a stable net asset value for low-volatility MMFs would reduce cliff effects, we argue that this might not be necessary if liquidity requirements for these private debt MMFs are sufficiently strengthened.
- JEL Code
- G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G01 : Financial Economics→General→Financial Crises
- 21 January 2022
- MACROPRUDENTIAL BULLETIN - FOCUSMacroprudential Bulletin Issue 16, 2021Details
- Abstract
- This impact assessment shows that a mandatory public debt holding would reduce the liquidity risk of private debt money market funds by increasing their shock absorption capacity and diversifying their asset liquidity profile. This would enable these funds to better mitigate the externalities associated with large-scale redemptions. The analysis also considers possible costs related to the funding of non-financial corporations and the attractiveness of MMFs as well as possible feasibility issues in terms of the supply of public debt.
- JEL Code
- G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G01 : Financial Economics→General→Financial Crises
- 17 January 2022
- OTHER PUBLICATION
- 17 January 2022
- SURVEY OF MONETARY ANALYSTS
- 13 January 2022
- ECONOMIC BULLETIN
- 13 January 2022
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2021Details
- Abstract
- This box discusses the fiscal policy recommendations addressed to the euro area countries against the background of the coronavirus (COVID-19) crisis.
- JEL Code
- E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H6 : Public Economics→National Budget, Deficit, and Debt
- 13 January 2022
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2021Details
- Abstract
- This box describes the ECB’s liquidity conditions and monetary policy operations during the fifth and sixth maintenance periods of 2021 from 28 July 2021 to 2 November 2021.
- 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
- 13 January 2022
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2021Details
- Abstract
- This box presents a model-based approach for distinguishing between two unobserved components embedded in market-based measures of inflation compensation, namely inflation expectations and inflation risk premia. The approach relies on econometric models used to analyse the term structure of inflation-linked swap rates. Estimates indicate that the rise in inflation compensation observed since mid-2020 is attributable more to inflation risk premia than to inflation expectations. This suggests that the rise is mainly related to a shift in the inflation risks priced in, from lower than expected to higher than expected.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E47 : Macroeconomics and Monetary Economics→Money and Interest Rates→Forecasting and Simulation: Models and Applications
- 13 January 2022
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2021Details
- Abstract
- This box explores new indicators of the financing conditions faced by euro area companies, based on firm-level survey data. Drawing on the rich dataset provided by the survey on the access to finance of enterprises (SAFE), three synthetic indicators summarise how firms have perceived their financing conditions in the euro area since 2009. Overall, the indicators suggest there have been several important phases in firms’ perceptions of financing conditions, which relate closely to ECB monetary policy measures. The empirical analysis shows that, after the onset of the pandemic, firms’ perceptions of financing conditions played an increasingly important role in explaining their expectations of the future availability of bank loans.
- JEL Code
- D22 : Microeconomics→Production and Organizations→Firm Behavior: Empirical Analysis
H32 : Public Economics→Fiscal Policies and Behavior of Economic Agents→Firm
- 13 January 2022
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2021Details
- Abstract
- During the economic recovery from the COVID-19 pandemic, supply and demand imbalances have put a strain on global production networks. We develop a two-step vector autoregression (VAR) procedure to gauge the impact of supply chain shocks on activity, trade and prices. In the first step, we use a sign restricted structural VAR with PMI output and PMI delivery times to recover the supply chain shock, which is our proxy for measuring episodes of supply chain strains. In the second step, we plug such shocks as exogenous variables into a companion VAR with endogenous real and nominal variables. Counterfactual scenarios are constructed to assess the effects of the supply bottlenecks, which are having a negative impact on real variables and pushing up prices. A medium-term assessment of the supply chain strains is also provided.
- 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
E30 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→General
F40 : International Economics→Macroeconomic Aspects of International Trade and Finance→General
F62 : International Economics→Economic Impacts of Globalization→Macroeconomic Impacts
- 13 January 2022
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 8, 2021Details
- Abstract
- Understanding the expectations of households, firms and financial markets regarding monetary policy and macroeconomic developments is important for the conduct of monetary policy. Surveys can play an important role in understanding expectations. The ECB Survey of Monetary Analysts (SMA) brings together information on financial sector expectations of monetary policy and macroeconomic developments in one coherently structured and regularly updated survey. The objective of the SMA is to “gather regular, comprehensive, structured and systematic information on market participants’ expectations”. The ECB launched the SMA as a pilot project in April 2019 and, after concluding the pilot phase, has published aggregate results since June 2021. This article looks at the structure of the survey and the rationale behind it and explains what role it plays in understanding changes in market participants’ expectations of euro area monetary policy and the macroeconomy.
- JEL Code
- E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
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
- 12 January 2022
- OCCASIONAL PAPER SERIES - No. 289Details
- Abstract
- Global value chains (GVCs) have shaped the dynamics of globalisation in recent years. This paper reviews key concepts and tools to measure countries’ involvement in GVCs, explores recent trends and investigates the underlying drivers of GVC participation empirically. The analysis in the paper finds that in the last decade, GVCs have undergone an important transformation, with participation falling on the back of rising trade costs and the trade integration of some large emerging market economies slowing, while the role of recent technological developments remains unclear. In addition, supply chains appear to have become increasingly regional over time. The paper also offers an insight into the role of production chain linkages in the transmission of recent global shocks across countries, uncovering important amplification effects on trade and activity. Finally, it discusses future prospects for GVCs and global trade, including in the light of developments associated with the coronavirus pandemic.
- JEL Code
- F13 : International Economics→Trade→Trade Policy, International Trade Organizations
F14 : International Economics→Trade→Empirical Studies of Trade
F15 : International Economics→Trade→Economic Integration
F23 : International Economics→International Factor Movements and International Business→Multinational Firms, International Business
F62 : International Economics→Economic Impacts of Globalization→Macroeconomic Impacts
- 12 January 2022
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2021Details
- Abstract
- This box reviews how the ECB’s communication on the economic outlook has evolved over time and how it compares with that of two other major central banks. Standard metrics reveal that over time the communication on the economic outlook has gradually become clearer, making monetary policy more transparent and effective. The ECB’s communication differs from that of the Bank of England and the Federal Reserve Board, reflecting the differences in their monetary policy strategies. The ECB uses the term “money” more often, while the Bank of England and the Federal Reserve Board communicate the terms “unemployment” and “slack” more frequently. Textual analysis underscores the importance of narratives in communicating quantitative economic forecasts. To build informative narratives, the ECB relies on a wide range of economic models, tools and surveys.
- JEL Code
- E30 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→General
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
- 12 January 2022
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 8, 2021Details
- Abstract
- How central banks communicate matters. Communication has become a key instrument to make policy more effective and improve central banks’ transparency and accountability, ultimately helping to build trust among the wider public whom they serve. As part of its recent strategy review, the ECB analysed how its communication, in particular with the wider public, can be improved. This article further complements the findings of the strategy review. The article aims to provide a better understanding of the ECB’s audiences among the wider public, what matters to them, and what happens between the sending and the receiving end of ECB communication. The findings point to possible avenues to make the ECB’s monetary policy communication more effective.
- JEL Code
- 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
Interest rates
| Marginal lending facility | 0.25 % |
| Main refinancing operations (fixed rate) | 0.00 % |
| Deposit facility | − 0.50 % |
Inflation rate
Inflation dashboardExchange rates
| USD | US dollar | 1.1464 | |
| JPY | Japanese yen | 131.72 | |
| GBP | Pound sterling | 0.84593 | |
| CHF | Swiss franc | 1.0567 |
Financial stability
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