Le blog de la BCE

6 September 2023

Need for speed on the Road to Paris

Moving towards carbon neutrality as quickly and boldly as possible is by far the best way to slow down climate change. It may take more effort in the short run, but in the long run it will cost less overall, says ECB Vice-President Luis de Guindos. We need to reach carbon neutrality to avoid existential risks to nature, people and our economies. And we need to start making changes soon. Procrastinating may be easier and less costly today, but means we will pay a higher price tomorrow: the damage to our environment and economies from rising temperatures will be much more severe. In fact, the sooner and faster we complete the necessary green transition, the lower the overall costs and risks. This is one of the main outcomes of our second economy-wide climate stress test. Let me talk you through the findings.

30 August 2023

Europe needs to think bigger to build its capital markets union

With rising geopolitical tensions and urgent global challenges such as the climate and digital transitions, Europe needs to bolster its resilience to shocks and invest strategically. In order to achieve this, we need to work together, as a more integrated Europe is better positioned to realize shared goals in a fragmented global economy.  

24 August 2023

What makes a good banknote?

Our money needs to be easy to handle, appealing and difficult to counterfeit. This ECB Blog post talks you through good banknote design – and seeks your advice.

9 August 2023

How words guide markets: measuring monetary policy communication

Words matter as much as actions for central banks. Because changes in tone can presage shifts in monetary policy. We have created an index to measure and compare the tone of policy communication by the ECB and the US Fed. This ECB Blog post talks you through the findings.

2 August 2023

Banks need to maintain capital buffers to preserve resilience

Policymakers should focus on preserving bank resilience to strengthen macroprudential stability at a time of economic uncertainty. This would ensure that sufficient capital buffers are available should widespread losses arise, argues ECB Vice-President Luis de Guindos.

12 July 2023

Deglobalisation: risk or reality?

After decades of being both hero and villain, globalisation is said to be on the retreat. There is a common perception that companies are diversifying supply chains and relocating business closer to home. So, are we heading towards deglobalisation? We dig deeper and find that the data tell a different story.

5 July 2023

Why we need models to make projections

Central banks need to look ahead to make good decisions. Since we lack a crystal ball, economic models are the best tool available. They provide a test environment to craft and think through different scenarios. This ECB Blog post provides an overview of why, and how, we do this.

28 June 2023

Why Europe needs a digital euro

Contribution by Fabio Panetta, Member of the Executive Board of the ECB, and Valdis Dombrovskis, Executive Vice-President of the European Commission

21 June 2023

More digital, more productive? Evidence from European firms

Digitalisation has boosted some European firms’ productivity, but many are still on the digital sidelines. That is a pity as faster digital adoption could make our economies much more productive. This ECB Blog post looks at where and how digitalisation can be a gamechanger.

8 June 2023

The economy and banks need nature to survive

Humanity needs nature to survive, and so do the economy and banks. The more species become extinct, the less diverse are the ecosystems on which we rely. This presents a growing financial risk that cannot be ignored, warns Frank Elderson, member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB.

7 June 2023

More jobs but fewer working hours

Unemployment has declined since the peak of the pandemic in August 2020, hitting a record low this April. But while more people have jobs, they are working fewer hours on average. In this post for The ECB Blog we shed light on this dichotomy and why it matters for the overall strength of the labour market.

1 June 2023

Stop carbon leakage at the border

Can EU companies be both green and globally competitive? Tradeable allowances for carbon emissions set important price incentives for companies to become greener. Unfortunately, evidence shows that many companies move carbon intensive production to other regions, meaning their emissions leak abroad. This ECB Blog post investigates how the EU can strike a balance between green goals and competitiveness.

25 May 2023

How will higher carbon prices affect growth and inflation?

Carbon pricing is a central instrument in the EU’s fight against climate change, but it will also affect our economies. In this post on The ECB Blog, we use macroeconomic models to look at what higher prices for carbon emissions will do to growth and inflation.

24 May 2023

25 years of euro unity

The euro is more than a currency, says President Christine Lagarde. It is the strongest form of European integration and stands for a united Europe that works together, protecting and benefiting all its citizens. The ECB, with its commitment to price stability, will always be a cornerstone of that effort.

19 May 2023

Anonymous Eurosystem leaks – minor nuisance or major problem?

At times, media reports on ECB monetary policy refer to information from unidentified Eurosystem sources. This ECB Blog post takes a closer look at such leaks. They tend to go against prevailing trends in short-term rates and can trigger major market reactions even though they are not generally informative about upcoming decisions.

9 May 2023

Diversity at the top makes banks better

Diversity is a matter of sound governance for banks and leads to better decision-making. That is why Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, and Elizabeth McCaul, Member of the Supervisory Board of the ECB, are encouraging banks to improve the diversity of their boards.

24 April 2023

What to do about Europe’s climate insurance gap

The EU has a problem with climate catastrophe insurance: only a quarter of the losses from climate-related disasters are covered. Greater coverage could reduce the economic damage that results from them. This joint ECB-EIOPA post for The ECB Blog looks at ways to make this happen.

19 April 2023

Welcoming Croatia to the family: what’s changed at the ECB?

Croatia officially joined the euro area on 1 January. A previous blog post discussed the many changes this heralded for the country. But the new arrival also changed certain aspects of how things work at the ECB, as shown in this ECB Blog post.

12 April 2023

A year of international trade diversion shaped by war, sanctions, and boycotts

Sanctions and voluntary boycotts have forced Russia to change its international trade since its invasion of Ukraine. The country has reoriented towards the east, away from Europe. This ECB Blog post sheds light on these shifts. It is the third entry in a series about the economic effects of the war.

30 March 2023

How tit-for-tat inflation can make everyone poorer

High energy prices have dented real incomes. How to allocate these losses is at the heart of recent negotiations between firms and workers. If both sides try to unilaterally offset any real income losses, this could trigger successive wage and price increases, and create risks of an upward spiral that could make everyone poorer.

29 March 2023

A problem shared is a problem halved – the benefits of private and public risk sharing

What is the best way to absorb economic shocks? Some approaches favour private risk sharing, others, public risk sharing. In this ECB Blog post we argue that a combination of both offers the best protection for European citizens against poor economic performance.

24 March 2023

How green is our balance sheet?

The ECB is for the first time disclosing the carbon footprint of its own investment portfolios and the Eurosystem’s corporate sector holdings. Executive Board members Frank Elderson and Isabel Schnabel explain the progress made and the next steps needed to decarbonise the portfolios of the ECB and the Eurosystem.

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.

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.

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.

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.

23 May 2022

Monetary policy normalisation in the euro area

Blog post by Christine Lagarde, President of the ECB

10 February 2022

Bottlenecks and monetary policy

31 December 2021

Happy anniversary to euro cash!

Blog post by Christine Lagarde, President of the ECB

19 November 2021

The ECB’s case for central bank digital currencies

Blog post by Fabio Panetta, Member of the Executive Board of the ECB

4 November 2021

Charting a course for climate action

Blog post by Christine Lagarde, President of the ECB

14 September 2021

The spectre of inflation

Blog post by Isabel Schnabel, Member of the Executive Board of the ECB

31 August 2021

Climate change and monetary policy

Contribution by Isabel Schnabel, Member of the Executive Board of the ECB, to the International Monetary Fund’s magazine Finance and Development

19 August 2021

The new monetary policy strategy: implications for rate forward guidance

Philip R. Lane, Member of the Executive Board of the ECB

27 July 2021

After the crisis: Economic lessons from the pandemic

Blog post by Fabio Panetta, Member of the Executive Board of the ECB

14 July 2021

Preparing for the euro’s digital future

Blog post by Fabio Panetta, Member of the Executive Board of the ECB

11 May 2021

A global accord for sustainable finance

Blog post by Fabio Panetta, Member of the Executive Board of the ECB

1 April 2021

Inflation dynamics during a pandemic

Blog post by Philip R. Lane, Member of the Executive Board of the ECB

25 March 2021

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

Blog post by Fabio Panetta, Member of the Executive Board of the ECB, and Ulrich Bindseil, ECB Director General Market Infrastructure and Payments

22 March 2021

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

Blog post by Christine Lagarde, President of the ECB

18 March 2021

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

Blog post by Luis de Guindos, Vice-President of the ECB

8 March 2021

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

Blog post by Christine Lagarde, President of the ECB

13 February 2021

Greening monetary policy

Blog post by Frank Elderson, Member of the Executive Board of the ECB

2 December 2020

Money in the digital era

Blog post by Fabio Panetta, Member of the Executive Board of the ECB

20 October 2020

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

Blog post by Isabel Schnabel, Member of the Executive Board of the ECB

2 October 2020

We must be prepared to issue a digital euro

Blog post by Fabio Panetta, Member of the Executive Board of the ECB

11 September 2020

The outlook for the euro area

Blog post by Philip R. Lane, Member of the Executive Board of the ECB

2 September 2020

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

Blog post by Luis de Guindos, Vice-President of the ECB, and Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB

19 August 2020

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

Blog post by Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB

4 August 2020

The macroeconomic impact of the pandemic and the policy response

Blog post by Philip R. Lane, Member of the Executive Board of the ECB

23 July 2020

Europe’s response to the crisis

Blog post by Christine Lagarde, President of the ECB

28 June 2020

Necessary, suitable and proportionate

Blog post by Isabel Schnabel, Member of the Executive Board of the ECB, in Welt am Sonntag

22 June 2020

The market stabilisation role of the pandemic emergency purchase programme

Blog post by Philip R. Lane, Member of the Executive Board of the ECB

12 June 2020

Sharing and strengthening the euro’s privilege

Blog post by Fabio Panetta, Member of the Executive Board of the ECB

5 June 2020

Expanding the pandemic emergency purchase programme

Blog post by Philip R. Lane, Member of the Executive Board of the ECB

1 May 2020

The monetary policy response to the pandemic emergency

Blog post by Philip R. Lane, Member of the Executive Board of the ECB

28 April 2020

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

Blog post by Fabio Panetta, Member of the Executive Board of the ECB

22 April 2020

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

Blog post by Luis de Guindos, Vice-President of the ECB, and Isabel Schnabel, Member of the Executive Board of the ECB

9 April 2020

How the ECB is helping firms and households

Blog post by Christine Lagarde, President of the ECB

3 April 2020

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

Blog post by Luis de Guindos, Vice-President of the ECB, and Isabel Schnabel, Member of the Executive Board of the ECB

19 March 2020

Our response to the coronavirus emergency

by Christine Lagarde, President of the ECB

13 March 2020

The Monetary Policy Package: An Analytical Framework

by Philip R. Lane, Member of the Executive Board of the ECB