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Der EZB-Blog

Zentralbankpolitik und Wirtschaft aus europäischer Sicht

Der EZB-Blog liefert neue Erkenntnisse zur Wirtschaft und Zentralbankpolitik auf der Grundlage unserer Daten, Analysen und Forschungsarbeiten zum Eurogebiet und anderen Wirtschaftsräumen. Verfasst werden die Blog-Beiträge von Mitarbeiterinnen und Mitarbeitern der EZB sowie Mitgliedern des Direktoriums.

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9 March 2023

Channelling Europe's savings into growth

Europe must speed up its green and digital transition. For that, we need to complete the Capital Markets Union to provide effective financing. This is the plea made by the five Presidents of the ECB, EIB, European Council, European Commission and Eurogroup in a joint post.

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7 March 2023

Has the euro changeover really caused extra inflation in Croatia?

Croatian consumers have expressed concerns about price increases related to the euro changeover. Preliminary evidence presented in this ECB blog post shows that the changeover from kuna to euro has so far had relatively little impact on Croatian consumer prices and price perceptions.

1 March 2023

Integrating Ukrainian refugees into the euro area labour market

Millions of Ukrainians were displaced by Russia’s unjustified war and have found refuge in the euro area. Many refugees want to work and thus increase the euro area labour force. This ECB Blog post updates previous calculations by considering novel information on the whereabouts and demographics of Ukrainian refugees.

24 February 2023

One year since Russia’s invasion of Ukraine – the effects on euro area inflation

Russia’s unjustified war against Ukraine and its people is first and foremost a human tragedy. It is also having an economic impact on Ukraine and beyond. This ECB Blog post – the first in a series about the economic effects of the war – focuses on inflation in the euro area.

15 February 2023

The opportunity Europe should not waste

Do the NextGenerationEU funds hold up to their promise to make Europe’s economies stronger and more resilient? Two years into the lifetime of the programme, this ECB Blog post assesses where governments stand and what risks there are for implementation.

6 February 2023

Cash or cashless? How people pay

The ECB has asked people in the euro area how they pay and which payment methods they prefer. The ECB Blog discusses our survey findings and what they mean for the future of cash and digital means of payment.

27 January 2023

Remembering the Holocaust: we owe it to the victims and to ourselves

The ECB’s main building in Frankfurt stands on a site linked to the atrocities of the Holocaust. On International Holocaust Remembrance Day, we affirm that tyranny and state injustice must never again prevail. Building European unity is a cornerstone of this commitment.

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18 January 2023

How high corporate debt stifles investment

Hit by multiple shocks, the corporate sector has increased its debt over recent years. The ECB Blog shows that strained balance sheets could significantly depress firms’ investment in the coming years with negative implications for innovation and growth.

5 January 2023

Caveat emptor does not apply to crypto

Trading in unbacked digital assets should be treated by regulators like gambling.

4 January 2023

Fiscal policy: from free to affordable lunch

Borrowing has become more expensive for governments. But despite rising interest rates, government debt can remain on a sound path. The ECB Blog discusses what constitutes a favourable balance between debt costs and economic growth.

20 December 2022

Are banks ready to weather rising interest rates?

The ECB has gauged bank resilience to interest rate shocks under different macroeconomic scenarios. ECB Vice-President Luis de Guindos and Chair of the ECB’s Supervisory Board Andrea Enria walk us through the findings.

30 November 2022

Bitcoin’s last stand

Amid the widespread fallout in crypto markets following the collapse of a major crypto exchange, The ECB Blog takes a look at where we stand with Bitcoin.

25 November 2022

Inflation Diagnostics

Identifying the medium-term inflation path in the current environment of high inflation, ongoing energy and pandemic-related shocks and the Russian invasion of Ukraine is a diagnostic challenge. In his ECB Blog post Philip R. Lane, Member of the ECB’s Executive Board, describes some of the key analytical issues involved.

18 November 2022

From “orderly transition” to “hot house world” – how climate scenarios can facilitate action

A shared understanding of how climate change affects the economy can be the basis for global action. To help inform and guide policy across the globe central bankers and supervisors have developed climate scenarios. This is the final post in a series on the occasion of COP27.

15 November 2022

Can Europe be a green innovation leader?

Europe is punching below its weight in the climate-technology competition. The continent needs to facilitate risk capital markets and to invest more in research and development. This is the 4th post in a series of climate-related entries on the occasion of COP27.

9 November 2022

Turning down the heat: how the green transition supports price stability

We need to intensify the greening of our economies despite the energy crisis. Hastening the process will reduce the costs of transition and help to ensure price stability in the long run. This is the third post in a series of climate-related entries on the occasion of COP27.

7 November 2022

Painting the bigger picture: keeping climate change on the agenda

If we do not account for the impact of climate change on our economy, we risk missing a crucial part in our work to keep prices stable, argues Christine Lagarde in the ECB Blog. This is the second entry in a series of climate related entries on the occasion of COP27.

4 November 2022

Strong rules, strong banks: let’s stick to our commitments

We need strong rules for strong banks. Basel III has what it takes. But planned EU laws might fall behind international standards, write ECB Vice-President Luis de Guindos, ECB Supervisory Chair Andrea Enria and EBA Chairperson José Manuel Campa in a joint Blog post.

2 November 2022

Banks need to be climate change proof

Banks must adapt the way they do business to account for climate-related and environmental risks. The ECB Blog takes a fresh look at their progress and the road ahead. This is the first post in a series of climate-related entries on the occasion of COP27.

19 October 2022

Which workers are most affected by changes in the policy rate?

The ECB Blog investigates how change in the policy rate affects wages very differently depending on characteristics of employees and firms, such as firms’ size and their access to credit. Results show that the effects are symmetric during times of easing and tightening.

13 October 2022

A plain-speaking central bank: contradiction in terms?

Communication is a tool that helps central banks in preserving price stability. But are central banks clear enough and properly understood? On International Plain Language Day, we look at where the ECB stands in its efforts to communicate clearly and accessibly.

28 September 2022

How do markets respond to war and geopolitics?

Russia’s unprovoked invasion of Ukraine marks the return of geopolitical risk to Europe. Here the ECB blog looks at how global stock markets reacted to this risk and what role time and distance have played.

14 September 2022

What drives inflation expectations of women and men?

Women and men shop differently and have different perceptions of prices and inflation. This ECB Blog post examines how inflation expectations are formed and revised across gender and why that matters for central banks.

24 August 2022

Can the ECB gain credibility by explaining its strategy?

Communication with the general public matters for monetary policy. Although it is hard for central banks to reach out to the wider public, a recent study shows that explaining the inflation target and the ECB strategy to consumers can enhance its credibility.

10 August 2022

The ECB’s new inflation target one year on

As part of our monetary policy strategy review we adopted a new symmetric 2% inflation target. One year on, we examine how the strategy review has helped anchor financial analysts’ inflation expectations. We also show that recent policy normalisation is grounded in our strategy.

28 July 2022

Rich non-immigrants and poor immigrants? Why it matters for monetary policy

Non-immigrants in the euro area are on average better off than immigrants in terms of wages and wealth. These differences can cause immigrants to react differently to economic shocks and changing financial conditions. As economic inequality matters for monetary policy transmission, the ECB Blog takes a closer look.

23 July 2022

Ensuring price stability

Raising interest rates is a landmark moment on our journey towards lower inflation, writes President Christine Lagarde in The ECB Blog.

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13 July 2022

Key objectives of the digital euro

It is our responsibility to preserve the integrity of the monetary and payment systems, write President Christine Lagarde and Executive Board member Fabio Panetta. A digital euro could play a decisive role in this endeavour.

8 July 2022

A catalyst for greening the financial system

The ECB is reducing the carbon footprint in its portfolio and pushing banks to better manage climate risks. Within our mandate, we incorporate climate change considerations into our monetary policy and banking supervision, say Frank Elderson and Isabel Schnabel.

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23 May 2022

Monetary policy normalisation in the euro area

As the expected date of interest rate lift-off draws closer, it gets more important to clarify the path of policy normalisation ahead of us – especially given the complex environment that monetary policy in the euro area is facing, says President Christine Lagarde in The ECB Blog.

10 February 2022

Bottlenecks and monetary policy

Looking at inflation dynamics, the relative price dislocations associated with bottlenecks are intrinsically short-term, Chief Economist Philip R. Lane writes in The ECB Blog. An increase in the relative price for a scarce item will stimulate new supply, while cooling demand.

31 December 2021

Happy anniversary to euro cash!

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.

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19 November 2021

The ECB’s case for central bank digital currencies

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

Charting a course for climate action

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.

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14 September 2021

The spectre of inflation

While rising inflation understandably worries people, current inflation rates should be interpreted with caution, writes Executive Board member Isabel Schnabel.

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31 August 2021

Climate change and monetary policy

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.

19 August 2021

The new monetary policy strategy: implications for rate forward guidance

Our revised forward guidance is a fundamental step in fulfilling our commitment to 2% inflation, writes Chief Economist Philip R. Lane. He also discusses the three conditions that should be met before interest rates are raised.

27 July 2021

After the crisis: Economic lessons from the pandemic

If we make the recovery fund work and if we embed the lessons from the pandemic in the EMU governance framework, we can emerge from the crisis with a stronger economy and greater social and political cohesion, says Executive Board member Fabio Panetta in The ECB Blog.

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14 July 2021

Preparing for the euro’s digital future

We have decided to launch a project to prepare for possibly issuing a digital euro. A digital euro will be successful if it adds value for people, merchants and financial intermediaries in the euro area, explains Executive Board member Fabio Panetta in The ECB Blog.

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11 May 2021

A global accord for sustainable finance

Climate change and sustainability are global challenges that require global solutions, especially in the financial sector, writes Executive Board member Fabio Panetta. We need international disclosure standards and principles to categorise sustainable activities.

1 April 2021

Inflation dynamics during a pandemic

The recent volatility of inflation can largely be attributed to the nature of the pandemic shock, writes Chief Economist Philip R. Lane. The increase in inflation during early 2021 does not constitute the basis for a sustained shift in inflation dynamics.

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25 March 2021

Digital central bank money for Europeans – getting ready for the future

At the ECB we are committed to understanding people’s needs and ensuring the digital euro would be widely accepted, writes Executive Board member Fabio Panetta with Ulrich Bindseil in The ECB Blog.

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22 March 2021

One year of the PEPP: many achievements but no room for complacency

Our pandemic emergency purchase programme (PEPP) has provided crucial support to euro area citizens since its launch a year ago, writes President Christine Lagarde in The ECB Blog. The PEPP has been, and remains, at the core of our pandemic policy response.

18 March 2021

Shining a light on climate risks: the ECB’s economy-wide climate stress test

The damage caused by more frequent and severe natural disasters far exceeds the costs of transitioning to a greener economy, writes Vice-President Luis de Guindos in his ECB Blog post on our first climate stress test for banks and companies.

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8 March 2021

Choose to challenge women’s roles at home, at work and in our society

One year into the pandemic, we can clearly see that the social and economic impact of the virus is particularly hard for women, writes President Christine Lagarde. In response we must choose to challenge women’s roles at home, at work and in our society.

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13 February 2021

Greening monetary policy

Climate change requires urgent action and we at the ECB must be committed to doing our part, says Executive Board member Frank Elderson. The EU Treaties define clear obligations and limits. They provide substantial scope for the ECB to take action on climate change.

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2 December 2020

Money in the digital era

The results of the ECB’s latest study on payment behaviours suggest that no single means of payment currently available meets all consumer needs, Executive Board member Fabio Panetta writes in The ECB Blog. This underlines the importance of continuing to give people a choice on how to pay.

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20 October 2020

Don’t take it for granted: the value of high-quality data and statistics for the ECB’s policymaking

High-quality data and statistics provide indispensable input for sound policy decisions, including at the ECB, writes Executive Board member Isabel Schnabel. Today’s World Statistics Day reminds us of the importance of data we can trust.

2 October 2020

We must be prepared to issue a digital euro

We should be ready to issue a digital euro if and when it is necessary, writes Executive Board member Fabio Panetta. The euro is a currency that Europeans trust. We need to make sure that it is fit for the future.

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11 September 2020

The outlook for the euro area

Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside.

2 September 2020

Europe needs a fully fledged capital markets union – now more than ever

The coronavirus crisis makes progress on capital markets union even more important, write Luis de Guindos, Fabio Panetta and Isabel Schnabel. In the light of the European Commission’s forthcoming Action Plan, they outline priority areas for reform to foster European capital markets.

19 August 2020

The provision of euro liquidity through the ECB’s swap and repo operations

The ECB’s swap and repo lines are essential stabilising tools in the coronavirus crisis. In a joint Blog post, Executive Board members Fabio Panetta and Isabel Schnabel explain how these tools reduce funding risks, prevent financial contagion and support the euro’s use in global transactions.

4 August 2020

The macroeconomic impact of the pandemic and the policy response

While there has been some rebound in economic activity, the level of economic slack remains extraordinarily high and the outlook highly uncertain, writes Chief Economist Philip R. Lane. Progress in containing the virus will be central in determining the size and speed of the recovery.

23 July 2020

Europe’s response to the crisis

Learning the lessons of the past, Europe has moved towards a new model for dealing with crises, writes President Christine Lagarde in The ECB Blog. We have shown that we can act quickly, adapt our institutions and lay the groundwork for forging a new Europe.

28 June 2020

Necessary, suitable and proportionate

Our crisis measures respond to the worst economic crisis in the post-war period, says Executive Board member Isabel Schnabel. They are necessary, suitable and proportionate and benefit all European citizens.

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22 June 2020

The market stabilisation role of the pandemic emergency purchase programme

Evidence shows that the policies adopted by the ECB in mid-March, including the pandemic emergency purchase programme (PEPP) and other liquidity-easing measures, have contributed to stabilising markets, writes Chief Economist Philip R. Lane.

12 June 2020

Sharing and strengthening the euro’s privilege

The goals of boosting the euro’s global standing and sharing its advantages more evenly are one and the same, writes Executive Board member Fabio Panetta. Through the right mix of European fiscal and monetary policy, we can build a better functioning Monetary Union that achieves both of these goals.

5 June 2020

Expanding the pandemic emergency purchase programme

Two main factors called for further policy action, writes Chief Economist Philip R. Lane. First, the pandemic-related negative shock to inflation poses a threat to medium-term price stability. Second, while conditions in financial markets have stabilised substantially, the situation remains fragile.

1 May 2020

The monetary policy response to the pandemic emergency

In an ECB Blog post, Chief Economist Philip R. Lane discusses the macroeconomic scenarios developed by ECB staff to illustrate the possible impact of the pandemic. He also explains current monetary policy and outlines the approach to setting the future course of monetary policy.

28 April 2020

Beyond monetary policy – protecting the continuity and safety of payments during the coronavirus crisis

The ECB is working to protect the continuity and safety of payments during the coronavirus pandemic, writes Executive Board member Fabio Panetta in The ECB Blog. Europeans can trust in our commitment to support them throughout this crisis.

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22 April 2020

Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures

The ECB’s collateral easing package ensures that banks retain access to central bank liquidity at favourable terms, explain Vice-President Luis de Guindos and Executive Board member Isabel Schnabel. Improved collateral availability helps banks to continue lending to the real economy.

9 April 2020

How the ECB is helping firms and households

Our response to coronavirus is designed to reach the firms and families facing a steep loss of income and rising anxiety about the future, writes President Christine Lagarde. She adds that full alignment of fiscal and monetary policies is the best way to protect productive capacity and employment.

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3 April 2020

The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19

Commercial paper purchases are key for monetary policy transmission to the real economy, explain Vice-President Luis de Guindos and Executive Board member Isabel Schnabel in The ECB Blog. They ease financing conditions for firms and help them manage short-term funding needs.

19 March 2020

Our response to the coronavirus emergency

We are committed to playing our role in supporting every citizen of the euro area through this extremely challenging time, President Christine Lagarde writes in The ECB Blog. Our temporary pandemic emergency purchase programme is designed to address the unprecedented situation our monetary union faces.

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13 March 2020

The Monetary Policy Package: An Analytical Framework

We will not tolerate any risks to the smooth transmission of our monetary policy in all jurisdictions of the euro area, Executive Board member Philip R. Lane writes in the inaugural post of The ECB Blog. The post explains the analytical framework underlying the March monetary policy measures.

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