Euro digitale
L’Eurosistema si prepara alla potenziale emissione di un euro digitale, che affiancherebbe il contante fisico.
CONFERENZA
15/06/2026
La moneta in evoluzione
Segui in diretta la conferenza “Money in transition: digitalisation and innovation in payments”. Esponenti del mondo accademico, delle banche centrali e operatori di mercato si confrontano su rischi e opportunità della finanza digitale e dei pagamenti transfrontalieri.
Leggi il programma
POLITICA MONETARIA
11/06/2026
La dichiarazione di politica monetaria in sintesi
Quali sono i punti principali della nuova dichiarazione di politica monetaria e cosa ha influito sulle nostre decisioni? Come vediamo evolvere l’economia? Lo spieghiamo nell’infografica in modo conciso e con parole semplici.
Altro
FRODI
Attenzione alle frodi
Siamo a conoscenza di siti Internet falsi in cui si propongono investimenti con la BCE. Si tratta di una truffa. Non chiediamo mai denaro, dati personali né proponiamo investimenti. Se pensi di aver subito una frode rivolgiti alle forze dell’ordine.
Maggiori informazioni- 15 June 2026
- PRESS RELEASERelated
- 12 June 2026
- GOVERNING COUNCIL DECISIONS - OTHER DECISIONSEnglishOTHER LANGUAGES (23) +
- 12 June 2026
- PRESS RELEASE
- 11 June 2026
- MONETARY POLICY DECISIONEnglishOTHER LANGUAGES (23) +
- 9 June 2026
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 9 June 2026
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 15 June 2026
- Opening speech by Christine Lagarde, President of the ECB, at the ECB conference on “Money in transition: digitalisation and innovation in payments”
- 11 June 2026
- Christine Lagarde, President of the ECB, Boris Vujčić, Vice-President of the ECB, Frankfurt am Main, 11 June 2026EnglishOTHER LANGUAGES (23) +Related
- 4 June 2026
- Speech by Christine Lagarde, President of the ECB, at the first Journée de réseaux de femmes dans la santé en Région Sud in Provence-Alpes-Côte d'Azur organised by Agence Régionale de Santé in Aix-en-Provence, France
- 3 June 2026
- Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European ParliamentEnglishOTHER LANGUAGES (16) +
- 3 June 2026
- Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Goldman Sachs European Financials Conference 2026
- 10 June 2026
- Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Daan Ballegeer and Rutger Betlem on 19 May 2026
- 31 May 2026
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Andrés Stumpf on 27 May 2026
- 26 May 2026
- Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Shogo Akagawa and Shiori Goso on 19 May 2026
- 26 May 2026
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balázs Korányi and Reinhard Becker on 21 May 2026
- 11 May 2026
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Olaf Storbeck on 7 May 2026
- 3 June 2026
- The current energy shock is significant and global, but it is also hitting a euro area economy that is more balanced than when Russia invaded Ukraine in early 2022. History and analysis show that context matters a lot for how shocks propagate to inflation.Details
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
- 2 June 2026
- The euro’s international use has grown in recent years, but largely by circumstance rather than by design. In a more contested global monetary system, Europe needs to act deliberately to strengthen the role of its currency.EnglishOTHER LANGUAGES (15) +Details
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
- 29 May 2026
- Geopolitical shocks influence consumer expectations about inflation and growth. This blog explores how the wars in Ukraine and Iran affect the way households think about the economy and shows how the scars of past experiences amplify reactions to subsequent geopolitical conflicts.Details
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
G10 : Financial Economics→General Financial Markets→General
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
- 26 May 2026
- The economic shock caused by the war between the United States and Iran has quickly fed into euro area firms’ expectations. Daily responses to an ECB survey show an immediate increase in expected input costs, selling prices and short-term inflation.Details
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
G10 : Financial Economics→General Financial Markets→General
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
- 15 May 2026
- Non-bank financial institutions (NBFIs) are on the rise. This blog shows how shifts in their borrowing and investment portfolios constrain financing for euro area firms and affect the transmission of monetary policy.Details
- JEL Code
- E20 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→General
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
- 15 June 2026
- WORKING PAPER SERIES - No. 3245Details
- Abstract
- This paper re-examines foreign direct investment motives in the ‘FDI gravity’ model (Kleinert and Toubal, 2010), focusing on the role of distance. More precisely, we investigate whether aggregate and pooled gravity models for FDI obscure relevant heterogeneities across sectors. This is possible through the novel MREID dataset, which provides us with FDI data at the 2-digit NAICS level for 184 countries over the period 2010 to 2020. Our results reveal that aggregate and pooled models mask significant sector heterogeneities in two aspects: (i) in the importance of horizontal versus vertical FDI motives, and (ii) in the distance elasticity. Distance is negatively correlated with FDI on an aggregate level, which is robust to multiple econometric specifications, but exhibits significant sector heterogeneity. Our analysis suggests the presence of complex sector-specific components that cannot easily be explained with standard economic rationales.
- JEL Code
- F21 : International Economics→International Factor Movements and International Business→International Investment, Long-Term Capital Movements
F23 : International Economics→International Factor Movements and International Business→Multinational Firms, International Business
C33 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Panel Data Models, Spatio-temporal Models
- 15 June 2026
- DISCUSSION PAPER SERIES - No. No. 30Details
- Abstract
- The paper documents models used to analyse the interactions and trade-offs between price and financial stability at the European Central Bank. The paper describes a simple conceptual framework to think about the short- and medium-term trade-offs between price and financial stability. Short-term trade-offs arise whenever current inflationary pressure is high, but the financial system is experiencing stress. Medium-term trade-offs arise whenever current inflationary pressure is low, but risk is building up in the financial system. We document four main sets of models used to quantify trade-offs: time series models, balance sheet models, credit risk models and DSGE models with banking and financial frictions.
- JEL Code
- E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 15 June 2026
- CLIMATE-RELATED FINANCIAL DISCLOSURES
- 15 June 2026
- CLIMATE-RELATED FINANCIAL DISCLOSURES
- 15 June 2026
- SURVEY OF MONETARY ANALYSTS - AGGREGATE RESULTS
- 12 June 2026
- LETTERS TO MEPS
- 12 June 2026
- TARGET SERVICES ANNUAL REPORT
- 12 June 2026
- AMI-SECO REPORT
- 11 June 2026
- MACROECONOMIC PROJECTIONS FOR THE EURO AREAEnglishOTHER LANGUAGES (21) +Annexes
- 11 June 2026
- MACROECONOMIC PROJECTIONS FOR THE EURO AREA
- 3 June 2026
- WORKING PAPER SERIES - No. 3244Details
- Abstract
- We study how sector-specific fiscal policy propagates in an economy with heterogeneous households and production networks. We develop a multisector New Keynesian model in which input-output linkages interact with differences in households’ marginal propensities to consume (MPCs). We show that fiscal multipliers depend on sectors’ positions in the production network, as network linkages reallocate income across households with heterogeneous consumption responses. We derive an intersectoral Keynesian cross and introduce an MPC-augmented network multiplier that jointly characterize the transmission of fiscal shocks. The interaction between heterogeneous consumption responses and production networks is non-additive: network linkages can either amplify or attenuate fiscal transmission depending on how income is redistributed across households. Fiscal policy is most effective when spending is directed toward labor-intensive, downstream sectors that employ a large share of high-MPC households. Using data from the Survey of Consumer Finances, we document substantial sectoral heterogeneity in household balance sheets and in the prevalence of hand-to-mouth households. Calibrating the model to the U.S. economy, we find sizable variation in sectoral fiscal multipliers and significant distributional effects of government spending.
- JEL Code
- D57 : Microeconomics→General Equilibrium and Disequilibrium→Input?Output Tables and Analysis
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 3 June 2026
- WORKING PAPER SERIES - No. 3243Details
- Abstract
- Using a recent and comprehensive data set covering nine of the most actively traded currencies on a monthly basis from 1995 to 2024, this paper explores the presence and potential drivers of herding behaviour in foreign exchange rate forecasts. The dataset features an average of 40–50 forecasters per currency, representing a broader range of currencies, a longer time frame, and a larger cross section of forecasters than is commonly found in the FX herding literature. Our results provide mixed evidence on herding, where the balance tends towards anti-herding conclusions.While some revision-based tests suggest herding when current consensus forecasts are used, this evidence weakens considerably when lagged information is employed. In contrast, forecast-error based tests, Bernhardt et al. statistics, and over-reaction regressions more often point to anti-herding, particularly at longer horizons. Overall, we interpret the findings as suggesting thatdifferences among forecasters are largely attributable to heterogeneous views, noise, or idiosyncratic error rather than systematic convergence toward the consensus. When alternative explanations for expectation formation or revisions are considered, the main findings remain unchanged across a wide range of measures, including different types of uncertainty and FX predictors such as the forward premium, the real exchange rate, and the depreciation rate.
- JEL Code
- C10 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→General
C22 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models &bull Diffusion Processes
F31 : International Economics→International Finance→Foreign Exchange
F47 : International Economics→Macroeconomic Aspects of International Trade and Finance→Forecasting and Simulation: Models and Applications
G17 : Financial Economics→General Financial Markets→Financial Forecasting and Simulation
- 2 June 2026
- WORKING PAPER SERIES - No. 3242Details
- Abstract
- This paper examines whether differences in the composition of investment help explain economic growth disparities in the EU and other advanced economies from 1996 to 2021. While overall investment levels in the EU and the US are broadly similar, the EU invests less in intangible and tangible ICT capital. This difference in composition is associated with part of the EU’s productivity gap with the US. Employing panel fixed effects and local projection methods, we find that intangible and tangible ICT investments -particularly in communications equipment, R&D, and other intellectual property products- are associated with higher GDP per capita growth than other forms of investment. To quantify these differences, we construct a novel investment efficiency ratio that relates the estimated economic growth contribution of each asset to its share in total investment. The results are robust across empirical methods, country samples, and time periods, and reveal substantial heterogeneity: the growth association of ICT-related investment is stronger in countries with higher income levels and greater human capital. Overall, the findings suggest that improving the allocation and efficiency of investment, rather than simply increasing its volume, is key to enhancing long-term growth.
- JEL Code
- E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
O47 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→Measurement of Economic Growth, Aggregate Productivity, Cross-Country Output Convergence
O50 : Economic Development, Technological Change, and Growth→Economywide Country Studies→General
J24 : Labor and Demographic Economics→Demand and Supply of Labor→Human Capital, Skills, Occupational Choice, Labor Productivity
C23 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Panel Data Models, Spatio-temporal Models
- 2 June 2026
- THE INTERNATIONAL ROLE OF THE EURO - BOXThe international role of the euro 2026Details
- Abstract
- This box presents novel analytical indicators to assess the euro’s global appeal derived from newly developed currency breakdowns in the euro area international investment position (IIP). By 2025, the euro accounted for one-third of euro area cross-border assets and two-thirds of liabilities, with the euro’s share of liabilities rising from 54% in 2015 to 66% in 2025, reflecting its growing attractiveness. Factors such as the availability of assets, trade intensity and positive business sentiment towards Europe correlate with this trend. Policies fostering trade openness, safe asset supply, and macroeconomic stability could further enhance the euro’s global role.
- JEL Code
- F20 : International Economics→International Factor Movements and International Business→General
F31 : International Economics→International Finance→Foreign Exchange
F41 : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics
- 2 June 2026
- THE INTERNATIONAL ROLE OF THE EURO - BOXThe international role of the euro 2026Details
- Abstract
- This box examines the evolving role of euro-denominated sovereign debt as a global safe asset. Using the government basis to estimate convenience yields earned by foreign investors, the results indicate that the foreign convenience yield on German government bonds has increased in recent years. Notably, the majority of this yield is attributable to foreign investors’ preference for euro currency exposure rather than the bonds’ safety or liquidity. However, the foreign convenience yield remains substantially below that of US Treasuries. The analysis further shows that larger and more liquid sovereign debt markets tend to generate higher convenience yields, while the euro’s international reserve currency role may be constrained by the limited supply and fragmentation of highly rated euro area government debt. Although EU bonds have grown rapidly, their temporary and fragmented structure limits their safe-asset properties. Establishing a genuine European safe asset could strengthen the euro’s international role, improve market liquidity and support the financing of European public goods.
- JEL Code
- G15 : Financial Economics→General Financial Markets→International Financial Markets
F31 : International Economics→International Finance→Foreign Exchange
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
F41 : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics
F32 : International Economics→International Finance→Current Account Adjustment, Short-Term Capital Movements
- 2 June 2026
- THE INTERNATIONAL ROLE OF THE EURO - BOXThe international role of the euro 2026Details
- Abstract
- Safe-haven currencies provide investors with protection during periods of heightened market uncertainty and financial stress. This box examines the behaviour of the euro during geopolitical and policy-related risk-off episodes in 2025 and early 2026, including tariff announcements and the outbreak of war in the Middle East. While traditional safe-haven currencies such as the US dollar, Swiss franc and Japanese yen continued to attract inflows during periods of acute stress, the euro also displayed characteristics typically associated with safe-haven assets, reflecting changing perceptions of the euro area’s resilience and external position. The analysis highlights that strengthening and further integrating euro area capital markets would help insulate the euro area from exchange rate volatility and support the euro’s evolution into a stronger global international currency.
- JEL Code
- F31 : International Economics→International Finance→Foreign Exchange
G15 : Financial Economics→General Financial Markets→International Financial Markets
- 2 June 2026
- THE INTERNATIONAL ROLE OF THE EUROAnnexes
- 2 June 2026
- THE INTERNATIONAL ROLE OF THE EURO
- 2 June 2026
- THE INTERNATIONAL ROLE OF THE EURO
Related- 2 June 2026
- PRESS RELEASE
- 1 June 2026
- WORKING PAPER SERIES - No. 3241Details
- Abstract
- Analyzing more than 300,000 articles across 40 top-tier journals between 2000 and 2022, this study demonstrates that China’s 2006 National Medium-and Long-Term Plan for the Development of Science and Technology catalyzed a surge in publication volume and citations, propelling China past the United States as the world’s leading producer of scientific research. Controlling for national income, population, and human capital, we find these gains are concentrated in fields explicitly targeted by the government’s plan—physics, chemistry, biology, and medicine—while fields excluded from the plan, such as mathematics and economics, show significantly less growth. Our findings suggest that targeted state-led investment can effectively drive scientific progress, at least within a centrally planned economy.
- JEL Code
- F63 : International Economics→Economic Impacts of Globalization→Economic Development
H52 : Public Economics→National Government Expenditures and Related Policies→Government Expenditures and Education
I28 : Health, Education, and Welfare→Education and Research Institutions→Government Policy
O38 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Government Policy
P27 : Economic Systems→Socialist Systems and Transitional Economies→Performance and Prospects
- 29 May 2026
- LETTERS TO MEPS
- 28 May 2026
- WORKING PAPER SERIES - No. 3240Details
- Abstract
- Monetary policy asymmetrically affects the response of firms’ employment to an output shock and plays a role in cushioning employment adjustment over the business cycle. Combining annual firm-level data until 2020 with quarterly firm-level data until 2023 and high-frequency monetary policy surprises, we show that for a given change in output, monetary policy influences the extent to which firms hold on to labour, or “labour hoard”. Furthermore, this effect is asymmetric: a restrictive monetary policy reduces labour hoarding behaviour by 2 to 3 times more than an accommodative policy increases it. Finally, we look at the role of financing conditions and firm demographics.
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
J23 : Labor and Demographic Economics→Demand and Supply of Labor→Labor Demand
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles - Network
- Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP)
- 27 May 2026
- WORKING PAPER SERIES - No. 3239Details
- Abstract
- We examine recent changes in stock market participation using newly available survey data from eleven euro area countries over the period 2020–2024. The evidence points to substantial turnover, with around 10% of non-stockholders entering the market each year, and more than 20% of stockholders exiting. New entrants tend to have lower education, income, financial literacy, and risk tolerance than established investors, indicating a shift in the composition of market participants. We also highlight the growing importance of cryptocurrency investments among retail investors. Overall, these findings shed new light on evolving household financial behavior and its implications for market participation and financial stability.
- JEL Code
- D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
G51 : Financial Economics
Tassi di interesse
| Depositi presso la banca centrale | 2,25 % |
| Operazioni di rifinanziamento principali (tasso fisso) | 2,40 % |
| Operazioni di rifinanziamento marginale | 2,65 % |
Tasso di inflazione
Leggi di più sull’inflazioneTassi di cambio
| USD | US dollar | 1.1607 | |
| JPY | Japanese yen | 185.93 | |
| GBP | Pound sterling | 0.86483 | |
| CHF | Swiss franc | 0.9212 |
Stabilità finanziaria
I nostri compiti Quadro istituzionale Financial Stability Review Misure macroprudenzialiOperazioni di mercato
Operazioni di mercato aperto Programmi di acquisto di attività Prestito di titoli del PSPPNON SEI UN ESPERTO? LEGGI “FACCIAMO CHIAREZZA”
APPROFONDISCI
Cos’è la Banca centrale europea?