Search Results

Letter from the ECB President to Ms Henrike Hahn, Mr Ernest Urtasun and Mr Rasmus Andresen, MEPs, on climate change

17 March 2023

LETTERS TO MEPS

Joint ESAs-ECB Statement on disclosure on climate change for structured finance products

13 March 2023

OTHER PUBLICATION

Global risks to the EU natural gas market

14 February 2023

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 1, 2023

Letter from the ECB President to Mr Markus Ferber, MEP, on monetary policy

Abstract: As a result of the Russian curtailment of gas deliveries, the EU gas market has become increasingly interlinked with the Asian market for liquified natural gas (LNG). This box analyses global risks to the EU gas market in 2023 by focusing on two supply risks: (i) the ongoing risk to the remaining gas imports from Russia, and (ii) a rebound in Chinese energy demand resulting from the easing of coronavirus (COVID-19) lockdown measures. If the EU decides to extend its current gas saving plan to the end of 2023, it could avoid facing a supply deficit, as long as Russia continues to deliver gas at the current low levels and Chinese gas demand remains low. However, if Russia cuts the remaining gas supplies to the EU and Chinese gas demand rebounds to 2021 levels, the EU could face a supply deficit of around 9% of projected gas consumption, and if one of the supply risks materialises, the EU’s supply deficit would be 2-4%. While there are ways of plugging this gap, EU gas security would become vulnerable to other less foreseeable shocks. For example, severe weather or a prolonged cold spell could deplete gas storage levels faster than expected and worsen the 2023 gas outlook.
JEL Code: E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles

10 February 2023

LETTERS TO MEPS

Letter from the ECB President to Mr Nuno Melo, MEP, regarding a less significant credit institution

10 February 2023

LETTERS TO MEPS

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Letter from the ECB President to Mr Bas Eickhout, MEP, on climate change

3 February 2023

LETTERS TO MEPS

Letter from the ECB President to Mr Pascal Canfin, MEP, on climate change

3 February 2023

LETTERS TO MEPS

Letter from the ECB President to Mr Gunnar Beck and Mr Nicolaus Fest, MEPs, on high-denomination euro banknotes

3 February 2023

LETTERS TO MEPS

Fiscal policy implications of euro area countries’ 2023 draft budgetary plans

10 January 2023

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 8, 2022

Letter from Fabio Panetta to Irene Tinagli, ECON Chair, on progress on the investigation phase of a digital euro – second report

Abstract: This box discusses fiscal policy orientation in 2023 in the context of the ongoing European Semester.
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

21 December 2022

LETTERS TO MEPS

Letter from the ECB President to Irene Tinagli, ECON Chair, on Decisions strenghthening the ECB's integrity and good

21 December 2022: DIGITAL EURO GOVERNANCE
Progress on the investigation phase of a digital euro - second report
English

16 December 2022

LETTERS TO MEPS

Letter from Fabio Panetta to Irene Tinagli, ECON Chair, on the technical onboarding package for digital euro prototyping

16 December 2022: PRESS RELEASE
ECB publishes enhanced rules for private financial transactions of high-level officials
English

7 December 2022

LETTERS TO MEPS

Letter from the ECB President to Ms Manon Aubry, MEP, on economic policies

25 November 2022

LETTERS TO MEPS

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Letter from the ECB President to Ms Manon Aubry, MEP, on monetary policy

25 November 2022

LETTERS TO MEPS

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Letter from the ECB President to Ms Eva Kaili, MEP, on monetary policy

25 November 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Domènec Ruiz Devesa, MEP, on monetary policy

25 November 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Markus Ferber, MEP, on climate change

11 November 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Eugen Jurzyca, MEP, on climate change

11 November 2022

LETTERS TO MEPS

Letter from Fabio Panetta to Irene Tinagli, ECON Chair, on the prototyping of user interfaces for a digital euro

18 October 2022

LETTERS TO MEPS

Letter from Fabio Panetta to Irene Tinagli, ECON Chair, on progress on the investigation phase of a digital euro

29 September 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Engin Eroglu, MEP, on climate change

29 September 2022: SPEECH
Building on our strengths: the role of the public and private sectors in the digital euro ecosystem
Introductory statement by Fabio Panetta, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament
English
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29 September 2022: DIGITAL EURO GOVERNANCE
Progress on the investigation phase of a digital euro
English

16 September 2022

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Jean-Lin Lacapelle, MEP, on monetary policy

16 September 2022

LETTERS TO MEPS

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Letter from the ECB President to Mr Johan Van Overtveldt, MEP, on monetary policy

16 September 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Rasmus Andresen and Mr Ernest Urtasun, MEPs, on climate change

16 September 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Rasmus Andresen and Mr Ernest Urtasun, MEPs, on monetary policy

16 September 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Rasmus Andresen and Mr Ernest Urtasun, MEPs, on monetary policy

16 September 2022

LETTERS TO MEPS

Trade flows with Russia since the start of its invasion of Ukraine

4 August 2022

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 5, 2022

Letter from the ECB President to Mr Emmanuel Faber, Chair of the International Sustainability Standard Board (ISSB) on the proposal for Sustainability Disclosure Standards aiming to provide a global baseline

Abstract: In the aftermath of Russia’s invasion of Ukraine, war-related disruptions and sanctions led to a sharp decline in trade flows with Russia. This box takes stock of recent and high frequency trade data to track flows of energy and agri-food commodities. It finds that Russia’s oil exports recovered from the post-invasion lows as some diversion of flows from sanctioning countries to Asia took place, whereas pipeline gas and agri-food commodity exports have significantly declined. The box provides an empirical assessment of the effects of the first round of sanctions in March 2022, which are estimated to have reduced Russian imports by about 15%.
JEL Code: F13 : International Economics→Trade→Trade Policy, International Trade Organizations
F40 : International Economics→Macroeconomic Aspects of International Trade and Finance→General
B40 : History of Economic Thought, Methodology, and Heterodox Approaches→Economic Methodology→General

29 July 2022

OTHER PUBLICATION

Letter from the ECB President to Mr Paul Tang, MEP, on climate change

22 July 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Nuno Melo, MEP, on ECB tasks

8 July 2022

LETTERS TO MEPS

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Letter from the ECB President to Mr Engin Eroglu, MEP, on ECB communication

8 July 2022

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Engin Eroglu, MEP, on Special Drawing Rights

6 July 2022

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Seán Kelly, MEP, on climate change

6 July 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Ville Niinistö, MEP, on climate change

6 July 2022

LETTERS TO MEPS

Letter from the ECB President to Irene Tinagli, ECON Chair, on progress on climate-related action plan

4 July 2022

LETTERS TO MEPS

Letter from Fabio Panetta to Irene Tinagli, ECON Chair, on progress on digital euro investigation phase

4 July 2022: PRESS RELEASE
ECB takes further steps to incorporate climate change into its monetary policy operations
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

15 June 2022

LETTERS TO MEPS

The Russian invasion of Ukraine and international currencies

14 June 2022

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2022

The internationalisation of the renminbi: regaining strength?

14 June 2022

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2022

New insights from sectoral developments in international loans

14 June 2022

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2022

How important is invoicing currency choice for the impact of exchange rate fluctuations on trade?

14 June 2022

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2022

14 June 2022

THE INTERNATIONAL ROLE OF THE EURO - BOX

Euro-based stablecoins

The international role of the euro 2022

The international role of the euro, June 2022

14 June 2022

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Mr Eugen Jurzyca, MEP, on the euro

14 June 2022: THE INTERNATIONAL ROLE OF THE EURO - STATISTICAL ANNEX
Statistical annex
English

6 May 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on monetary policy

6 May 2022

LETTERS TO MEPS

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Implications of the terms-of-trade deterioration for real income and the current account

25 April 2022

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 3, 2022

Letter from the ECB President to Mr Alin Mituta et al, MEPs, on conversion of Ukrainian hryvnia

Abstract: The recent sharp increase in energy prices has significantly pushed up euro area import prices, resulting in a deterioration in the euro area terms of trade. As the demand for energy is rigid in the short term, this implies a transfer of purchasing power from the euro area to the rest of the world. We estimate a net income loss of 1.3 percentage points of GDP in the last quarter of 2021 as compared with the previous year. This consists in a drop of 3.5 percentage points of GDP due to the rise in energy prices, which is only partly offset by higher euro area export prices. The resulting widening of the deficit in the energy trade balance has reduced the euro area current account balance, and this effect is only partially compensated for by other components.
JEL Code: B17 : History of Economic Thought, Methodology, and Heterodox Approaches→History of Economic Thought through 1925
F4 : International Economics→Macroeconomic Aspects of International Trade and Finance

20 April 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Bas Eickhout and Mr Ernest Urtasun, MEPs, on climate change

20 April 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Chris MacManus, MEP, on monetary policy

20 April 2022

LETTERS TO MEPS

Financial risks in China’s corporate sector: real estate and beyond

24 March 2022

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 2, 2022

Letter from the ECB President to MEPs Andresen, Bloss et all on the bank transfer fees to Ukraine and Moldova

Abstract: Recent tensions in China’s real estate market have highlighted the risks inherent in the country’s highly leveraged corporate sector. These risks have been building up for some time, as high investment rates have coincided with high levels of debt accumulation. Moreover, the source of debt has moved beyond the traditional banking sector, with non-bank financial institutions providing financing which is less stable and more susceptible to sudden changes in investor sentiment. In addition, tensions in large corporate sectors could be transmitted to the rest of the economy through a number of channels. These channels include households, which are themselves increasingly leveraged and whose wealth is significantly exposed to the real estate market. A wider Chinese growth slowdown could, in turn, have global repercussions, given the size of the Chinese economy, its important global trade linkages and the central role it plays in international commodity markets. Against this backdrop, this article will review the rise in financial risks in China’s economy stemming from increasing private sector leverage, the interconnectedness between the financial and non-bank financial sectors, and households’ rising debt exposures.
JEL Code: E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
E6 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
G2 : Financial Economics→Financial Institutions and Services
G5 : Financial Economics

18 March 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on monetary policy

11 March 2022

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Luis Garicano, MEP, on euro banknotes

11 March 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Damien Carême, Ms Karima Delli, Mr Claude Gruffat and Ms Marie Toussaint, MEPs, on climate change

11 March 2022

LETTERS TO MEPS

Letter from the ECB President to Ms Manon Aubry, MEP, on ECB communication

11 March 2022

LETTERS TO MEPS

Letter from ECB President to Mr Engin Eroglu, MEP, on monetary policy

7 February 2022

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Ilhan Kyuchyuk, MEP, on financial sector issues

7 February 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on monetary policy

7 February 2022

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Gunnar Beck, MEP, on monetary policy

7 February 2022

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, Mr Valentino Grant, and Mr Antonio Maria Rinaldi, MEPs, on monetary policy

7 February 2022

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Fiscal policies in 2022 – implications of the 2022 draft budgetary plans

13 January 2022

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 8, 2021

Letter from the ECB President to Mr Sven Giegold, MEP, on ECB communication

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

20 December 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Chris MacManus, MEP, on a digital euro

20 December 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Chris MacManus, MEP, on ECB communication

20 December 2021

LETTERS TO MEPS

Letter from the ECB President to several MEPs, on climate change

20 December 2021

LETTERS TO MEPS

Letter from Fabio Panetta to Irene Tinagli, MEP, on the action plan to address recommendations after TARGET incidents in 2020

17 December 2021

LETTERS TO MEPS

Eurosystem reply to the Communication from the European Commission “The EU economy after COVID-19: implications for economic governance” of 19 October 2021

2 December 2021

OTHER PUBLICATION

Scarring effects of the pandemic on the global economy – reviewing recent evidence

10 November 2021

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 7, 2021

Letter from the ECB President to Mr Gunnar Beck, MEP, on a digital euro

Abstract: This box reviews recent data for evidence of scarring effects stemming from the coronavirus (COVID-19) shock on the global economy (excluding the euro area). Taking a production function approach perspective, it analyses recent data relevant for determining the evolution of potential output and compares them with developments in the aftermath of the Great Recession. The stylised facts suggest that the level of global potential output has declined during the pandemic, albeit less than during the Great Recession. This decline can mostly be attributed to temporary factors, although more lasting damage may occur if people remain out of work for longer, loose their skills or become long-term unemployed.
JEL Code: E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
E23 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Production
E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital

29 October 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Gunnar Beck, MEP, on ECB communication

30 September 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, Mr Francesca Donato, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on climate change

30 September 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on financial stability

17 September 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Gunnar Beck, MEP, on monetary policy

17 September 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Engin Eroglu, MEP, on monetary policy

17 September 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Martin Schirdewan, MEP, on climate change

17 September 2021

LETTERS TO MEPS

Letter from Fabio Panetta to Irene Tinagli, MEP, on the independent review of TARGET incidents in 2020 and the Eurosystem’s response

28 July 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Sven Giegold, MEP, on European relations

23 July 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, Mr Francesca Donato, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on cash

23 July 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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The implications of the 2021 stability programmes for fiscal policies in the euro area

24 June 2021

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 4, 2021

Letter from the ECB President to Mr Philippe Lamberts, MEP, on monetary policy

Abstract: This box examines the fiscal policy developments outlined in the 2021 stability programmes.
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

21 June 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Johan Van Overtveldt, MEP, on monetary policy

21 June 2021

LETTERS TO MEPS

The international role of the euro, June 2021

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO

Central bank digital currency and global currencies

2 June 2021: THE INTERNATIONAL ROLE OF THE EURO
Statistical annex
English

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2021

EU and ECB policy responses to the COVID-19 pandemic and the international role of the euro

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2021

The euro as an invoicing currency for global trade

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2021

New insights on the currency denomination of official holdings of foreign exchange reserves

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2021

The US dollar bias of US fixed-income funds

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2021

Household demand for euro cash in central, eastern and south-eastern European countries during the COVID-19 pandemic

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - BOX

Elisabeth Beckmann

The international role of the euro 2021

New estimates of foreign demand for euro banknotes

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - BOX

Alejandro Zamora-Pérez

The international role of the euro 2021

European Commission Communication on the European economic and financial system

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2021

The effectiveness of ECB currency liquidity lines

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2021

Non-euro area investors and SURE bonds issued by the European Commission

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2021

Model simulations of the impact of a central bank digital currency on the international role of a currency

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2021

New estimates of the determinants of global invoicing currency choice

2 June 2021

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2021

Letter from the ECB President to Mr Gunnar Beck, MEP, on monetary policy

28 May 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Ernest Urtasun, MEP, on procurement

28 May 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Sven Giegold, MEP, on monetary policy

28 May 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Giorgos Kyrtsos, MEP, on monetary policy

28 May 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Marco Zanni, Ms Francesca Donato, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on financial stability

28 May 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on European Deposit Insurance Scheme

28 May 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Gunnar Beck, MEP, on monetary policy

28 May 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Sven Giegold, MEP, on monetary policy

28 May 2021

LETTERS TO MEPS

Letter from the ECB President to Ms Manon Aubry, MEP, on monetary policy

28 May 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Understanding post-referendum weakness in UK import demand and UK balance of payments risks for the euro area

4 May 2021

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 3, 2021

What is driving the recent surge in shipping costs?

Abstract: This article aims to take stock of how Brexit-related developments in UK import demand affected euro area foreign demand over the period 2016-19. UK import growth has slowed markedly since the Brexit referendum in 2016, particularly in terms of imports from the EU. We find that the depreciation of sterling squeezed UK household purchasing power, leading to lower import demand. We employ an ECM regression of UK import growth on the various GDP components and relative prices and detect a reduction in the UK’s overall import propensity since the referendum. We also identify sustainability risks for euro area foreign demand emanating from the UK’s balance of payments.
JEL Code: F14 : International Economics→Trade→Empirical Studies of Trade
F17 : International Economics→Trade→Trade Forecasting and Simulation
F32 : International Economics→International Finance→Current Account Adjustment, Short-Term Capital Movements

3 May 2021

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 3, 2021

Letter from the ECB President to Mr Gunnar Beck, MEP, on the Harmonised Index of Consumer Prices

Abstract: A rapid recovery in activity and trade has lengthened supplier delivery times, while international shipping costs have also increased. This box analyses the factors driving the surge in shipping costs by means of a Structural VAR model. It concludes that recent developments reflect rising demand and, to a smaller degree, supply constraints in the shipping industry. At the same time, the impact of rising shipping costs on overall consumer prices is expected to be limited.
JEL Code: C11 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Bayesian Analysis: General
F01 : International Economics→General→Global Outlook
F41 : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics

23 April 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Ernest Urtasun, MEP, on monetary policy

23 April 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Engin Eroglu, MEP, on monetary policy

23 April 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Gunnar Beck, MEP, on ECB communication

23 April 2021

LETTERS TO MEPS

Letter from the ECB President to Ms Julie Lechanteux, MEP, on the international role of the euro

26 March 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Aurore Lalucq, MEP, on monetary policy

26 March 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Julie Lechanteux, MEP, on monetary policy

26 March 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to several MEPs, on climate change

26 March 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Martin Hojsík, Ms Sirpa Pietikäinen, Mr Paul Tang, Mr Gilles Boyer, Mr Pascal Canfin, Mr Bas Eickhout, MEPs, on climate change

26 March 2021

LETTERS TO MEPS

Letter from the ECB President to Ms Julie Lechanteux, MEP, on a digital euro

5 February 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Markus Ferber, MEP, on climate change

5 February 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Ernest Urtasun, MEP, on monetary policy

5 February 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Manon Aubry, MEP, on monetary policy

5 February 2021

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to several MEPs, on monetary policy

5 February 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Derk Jan Eppink, MEP, on monetary policy

5 February 2021

LETTERS TO MEPS

Pandemic-induced constraints and inflation in advanced economies

4 February 2021

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 1, 2021

The economic impact of the pandemic - drivers of regional differences

Abstract: This box studies the relative impact on inflation of pandemic-induced demand and supply constraints for key advanced economies outside the euro area by using granular data on consumption expenditures and prices and a structural Bayesian Vector Autoregression (BVAR) framework. It finds that during the initial phase of the pandemic, consumer price inflation was driven more by demand-sensitive components and less by supply-sensitive ones. The structural analysis confirms a dominant role for demand shocks in the pandemic. It concludes that the impact of pandemic-related supply constraints on inflation appears limited to date. Yet, more granular analysis is needed to assess the consequences of the pandemic for the drivers of inflation.
JEL Code: C11 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Bayesian Analysis: General
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
O11 : Economic Development, Technological Change, and Growth→Economic Development→Macroeconomic Analyses of Economic Development
O40 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→General

2 February 2021

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 1, 2021

Rotation towards normality – the impact of COVID-19 vaccine-related news on global financial markets

Abstract: This box examines the drivers of intra-country regional differences in the economic impact of the coronavirus (COVID-19), as observed in the four largest euro area economies during the initial phase of the pandemic. More specifically, it discusses how the interaction between government containment measures, sectoral structure and trade linkages helps explain the intra-country regional variations in the labour market impact of the pandemic. It finds that the different economic impact across regions cannot be explained solely by the spread of infections, a region’s economic structure is also a key determinant. Moreover, the trade relations of a region, both within and across countries, are found to be an important indirect channel through which coronavirus-related disturbances affect regional economic activity, highlighting vulnerabilities which may arise from disruptions to highly integrated EU supply chains.
JEL Code: R11 : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
F14 : International Economics→Trade→Empirical Studies of Trade
J40 : Labor and Demographic Economics→Particular Labor Markets→General
R15 : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→Econometric and Input?Output Models, Other Models

1 February 2021

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 1, 2021

Letter from the ECB President to Mr Bas Eickhout, MEP, on sustainable finance

Abstract: Using a database on vaccine probability events dating back to April 2020, this box assesses the impact of a broad range of COVID-19 vaccine-related news on global financial markets. It finds that positive vaccine news leads to a rotation back towards assets hardest hit by the pandemic, disproportionately benefits lagging economies and has a positive net effect on financial conditions.
JEL Code: F30 : International Economics→International Finance→General
G15 : Financial Economics→General Financial Markets→International Financial Markets

22 January 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Gunnar Beck, MEP, on financial stability

22 January 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Derk Jan Eppink, MEP, on ECB communication

22 January 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Chris MacManus, MEP, on a digital euro

22 January 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Chris MacManus, MEP, on ECB communication

22 January 2021

LETTERS TO MEPS

Letter from the ECB President to Mr Markus Ferber, MEP, on TARGET2

22 January 2021

LETTERS TO MEPS

The scarring effects of past crises on the global economy

7 January 2021

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 8, 2020

Developments in the tourism sector during the COVID-19 pandemic

Abstract: This box aims to assess the long-term implications of past crises for the global economy’s potential output and to discuss potential scarring effects of the coronavirus (COVID-19) pandemic. Starting with a review of past crises and the transmission channels through which potential output is affected, it concludes that the pandemic could leave scarring effects on the global economy, with labour supply likely to be initially hit the most. However, effects on the capital stock are potentially more relevant over the medium to long term.
JEL Code: C23 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Panel Data Models, Spatio-temporal Models
E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
E23 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Production
E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
O11 : Economic Development, Technological Change, and Growth→Economic Development→Macroeconomic Analyses of Economic Development
O40 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→General

4 January 2021

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 8, 2020

Letter from the ECB President to Ms Julie Lechanteux, MEP, on monetary policy

Abstract: This box assesses the implications of the coronavirus (COVID-19) pandemic for the euro area tourism sector, trade in travel services and consumption of non-residents. Declining mobility during the pandemic has led to a slump in trade in services and tourism. As a result, the drop in non-resident consumption has acted as a shock amplification mechanism in countries exporting tourism services, i.e. countries which receive a lot of tourists, and as a shock absorption mechanism in countries importing tourism services. The partial recovery of tourism services observed during the summer months was mostly generated by domestic tourism substituting foreign tourism. The reintroduction of travel restrictions in October will likely imply that this substitution will continue to affect the dynamics of tourism services. High-frequency data on tourism, travel and services production point to a renewed overall deterioration of tourism services in the final quarter of 2020.
JEL Code: E01 : Macroeconomics and Monetary Economics→General→Measurement and Data on National Income and Product Accounts and Wealth, Environmental Accounts
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
F14 : International Economics→Trade→Empirical Studies of Trade
Z3 : Other Special Topics

29 December 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Marco Zanni, Ms Francesca Donato, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on monetary policy

29 December 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Martin Schirdewan, MEP, on TARGET2

29 December 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, Ms Francesca Donato, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on euro area sovereign bond markets

29 December 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to several MEPs, on monetary policy

29 December 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, Ms Francesca Donato, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on a digital euro

29 December 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Manon Aubry, MEP, on monetary policy

29 December 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Ernest Urtasun, MEP, on AnaCredit

19 November 2020

LETTERS TO MEPS

A revised weighting scheme for the international environment projections

12 November 2020

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 7, 2020

Letter from the ECB President to Mr Gunnar Beck, MEP, on monetary policy

Abstract: The September 2020 ECB staff macroeconomic projections used a revised weighting scheme for the euro area’s trading partners. Two key conceptual changes were implemented in the weighting scheme this year. First, data on trade in services were used in addition to data on trade in goods. Second, the number of euro area trading partners was increased from 30 to 42. As a result of these changes, the coverage of the euro area’s foreign demand by individual country data increased from 85% to 92%, with the remaining countries covered by regional aggregates.
JEL Code: E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
E66 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General Outlook and Conditions
F01 : International Economics→General→Global Outlook
F17 : International Economics→Trade→Trade Forecasting and Simulation

30 October 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Markus Ferber, MEP, on monetary policy

30 October 2020

LETTERS TO MEPS

Letter from the ECB President to Ms Eleonora Evi, Ms Rosa D’Amato, Mr Ignazio Corrao and Mr Piernicola Pedicini, MEPs, on monetary policy

30 October 2020

LETTERS TO MEPS

Letter from the ECB President to several MEPs, on monetary policy

28 September 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Paul Tang, MEP, on monetary policy

25 September 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Domènec Ruiz Devesa, MEP, on monetary policy

25 September 2020

LETTERS TO MEPS

Letter from the ECB President to Ms Eleonora Evi, Ms Rosa D’Amato, Mr Ignazio Corrao and Mr Piernicola Pedicini, MEPs, on monetary policy

25 September 2020

LETTERS TO MEPS

The viral effects of foreign trade and supply networks in the euro area

23 September 2020

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 6, 2020

The fiscal implications of the EU’s recovery package

Abstract: Adverse shocks induced by containment measures in response to the coronavirus (COVID-19) are not limited to the originating country. Foreign trade, while not the sole propagation mechanism, transmits these shocks across economies. In the euro area, the deep integration of firms within regional supply chains ‑ as well as strong final demand linkages ‑ acts as a magnifying mechanism. This article quantifies the propagation and impact of adverse shocks originating in the euro area on euro area GDP, foreign trade and trade balances. It concludes that the transmission to the rest of the euro area of a shock originating in one of the five largest Member States ranges from 15% to 28% of the original shock’s size. The negative spillover effects are most severe for open countries and those most intertwined in regional production network.
JEL Code: F00 : International Economics→General→General
F15 : International Economics→Trade→Economic Integration
F62 : International Economics→Economic Impacts of Globalization→Macroeconomic Impacts

23 September 2020

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 6, 2020

China’s path to normalisation in the aftermath of the COVID-19 pandemic

Abstract: The EU’s recovery package represents an important milestone in European economic policy integration. The European financial support to be provided is intended to have a meaningful volume in macroeconomic terms, totalling almost 5% of euro area GDP. Moreover, the allocation key ensures stronger macroeconomic support for more vulnerable countries. This coordinated European policy response to COVID-19 is essential to avoid an uneven recovery and economic fragmentation while promoting economic resilience in Member States. Finally, the way that the EU has responded to the crisis also has implications for the implementation and future design of the European governance framework.
JEL Code: F45 : International Economics→Macroeconomic Aspects of International Trade and Finance
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H12 : Public Economics→Structure and Scope of Government→Crisis Management

21 September 2020

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 6, 2020

Letter from the ECB President to Ms Manon Aubry, MEP, on ECB institutional issues

Abstract: This article will trace the decline and subsequent recovery of China’s economy following the outbreak of the coronavirus (COVID-19). It employs high-frequency data to assess the speed at which activity in different sectors of the economy is normalising after businesses were allowed to resume operations. One particular focus will be on differentiating between the industrial and services sectors, which are subject to different health and safety measures. The article finds that China’s economic activity rose from a trough of around 20% of normal levels in February 2020 to 90% in the span of just three months. While production capacity recovered swiftly, activity normalised more gradually in the services sector, where COVID-19 containment measures had continued to weigh heavily. The recovery was driven primarily by private domestic demand and the authorities’ policy response, as the normalisation in China coincided with the implementation of lockdown measures by many of its trading partners and hence also with a fall in external demand. Looking ahead, uncertainty and risks surrounding the recovery path remain exceptionally high, owing in large part to the uncertainty regarding how the COVID-19 pandemic will develop and if and when a medical solution to the virus can be found.
JEL Code: E2 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
E6 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
F1 : International Economics→Trade
G1 : Financial Economics→General Financial Markets

2 September 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Manon Aubry, MEP, on ECB institutional issues

2 September 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Manon Aubry, MEP, on ECB institutional issues

2 September 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Marco Zanni, Ms Francesca Donato, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on monetary policy

2 September 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Fabio Massimo Castaldo and Mr Dino Giarrusso, MEPs, on monetary policy

2 September 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Luis Garicano, MEP, on the investor base of euro area bonds

24 July 2020

LETTERS TO MEPS

ECB assessment report on completion of the commitments made by the Republic of Croatia on the macroprudential toolkit

10 July 2020

OTHER PUBLICATION

ECB assessment report on completion of the commitments made by the Republic of Bulgaria on the macroprudential toolkit

10 July 2020

OTHER PUBLICATION

Letter from the ECB President to Mr Sven Simon, MEP, on monetary policy

29 June 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Nuno Melo, MEP, on monetary policy

29 June 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Piernicola Pedicini, MEP, on monetary policy

29 June 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Clare Daly, MEP, on the Charter of Fundamental Rights

19 June 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Domènec Ruiz Devesa and Mr Jonás Fernández, MEPs, on monetary policy

19 June 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, MEP, on systemic risk in the Dutch real estate market

19 June 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Emmanouil Fragkos, MEP, on monetary policy

19 June 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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The role of the euro in global green bond markets

9 June 2020

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2020

The international role of the euro, June 2020

9 June 2020

THE INTERNATIONAL ROLE OF THE EURO

Eurosystem reply to the European Commission’s public consultations on the Renewed Sustainable Finance Strategy and the revision of the Non-Financial Reporting Directive

9 June 2020: ANNEX
Statistical annex
English

9 June 2020: PRESS RELEASE
International use of the euro broadly stable in 2019
English

8 June 2020

OTHER PUBLICATION

Letter from the ECB President to Mr Sven Giegold, MEP, on monetary policy

5 June 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, MEP, on cash payments

15 May 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Marco Zanni, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on monetary policy

15 May 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Domènec Ruiz Devesa, MEP, on monetary policy

15 May 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Raffaele Fitto, Mr Sergio Berlato, Mr Carlo Fidanza, Mr Pietro Fiocchi, Mr Nicola Procaccini and Mr Raffaele Stancanelli, MEPs, on monetary policy

15 May 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to several MEPs, on monetary policy

15 May 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Emmanouil Fragkos, MEP, on monetary policy

15 May 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Piernicola Pedicini, MEP, on monetary policy

11 May 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Engin Eroglu, MEP, on the Harmonised Index of Consumer Prices

11 May 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Engin Eroglu, MEP, on the Eurosystem’s Household Finance and Consumption Survey

11 May 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report 2018

7 May 2020

OTHER PUBLICATION

Letter from the ECB President to Mr Billy Kelleher, MEP, on monetary policy

OTHER LANGUAGES (21) +

7 May 2020: ANNUAL REPORT
Annual Report 2019
English
OTHER LANGUAGES (21) +

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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
English

22 April 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, MEP, on monetary policy

22 April 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Nuno Melo, MEP, on Directive 2014/17/EU

22 April 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Philippe Lamberts, MEP, on monetary policy

22 April 2020

LETTERS TO MEPS

Letter from the ECB President to Mr Emmanouil Fragkos, MEP, on monetary policy

22 April 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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The implications of fiscal measures to address climate change

26 March 2020

ECONOMIC BULLETIN - BOX

Steffen Osterloh

Economic Bulletin Issue 2, 2020

The role of multinational taxation in the first reversal of foreign direct investment flows in the euro area

Abstract: This box assesses the impact of fiscal measures to address climate change on growth and inflation over the March 2020 ECB staff projection horizon. Policies to reduce greenhouse gas emissions in the EU comprise: (a) the EU Emissions Trading System (ETS) and (b) national measures in sectors which are not covered by the ETS. Overall, the baseline assumes some impact of climate measures on prices related to the German climate package, while the assumed impact of measures in other countries is limited.
JEL Code: E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy

25 March 2020

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 2, 2020

Multinational enterprises, financial centres and their implications for external imbalances: a euro area perspective

Abstract: The US corporate tax reform that entered into force at the beginning of 2018 resulted in foreign direct investment flows reversing for the first time in the euro area. The episode is explained fully by developments in countries which are financial centres, where disinvestment operations were carried out via special purpose entities, initially through transactions in equities and later also in debt securities. Besides the bilateral flows with the United States, which were the first to be affected, foreign direct investment flows to and from offshore centres also reversed, reflecting the complex geographical structure of capital allocation by US multinational enterprises.
JEL Code: F32 : International Economics→International Finance→Current Account Adjustment, Short-Term Capital Movements
F38 : International Economics→International Finance→International Financial Policy: Financial Transactions Tax; Capital Controls

24 March 2020

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 2, 2020

Using information in newspaper articles as an indicator of real economic activity

Abstract: This article analyses how the operations of large multinational enterprises (MNEs) affect the external account of the euro area and, in general, financial centres. The increased ease of moving intangible assets, profits and headquarters across borders poses challenges to the current framework of international statistics and economic analysis. First, the article shows how MNE operations are recorded in cross-border statistics, as well as the challenges in measuring such data. Second, the article highlights evidence of the impact that MNEs have on the external account of the euro area – this is most evident in current account balances and foreign direct investment in euro area financial centres, often involving special-purpose entities (SPEs). Third, the article looks at the tendency of financial centres to report current account surpluses that may be tentatively attributed, in part, to the activity of MNEs. Multilateral initiatives could help to improve the transparency of MNE operations and ensure an exchange of information across borders for tax and statistical purposes.
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
F3 : International Economics→International Finance

23 March 2020

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 2, 2020

The state of play regarding the deepening agenda for Economic and Monetary Union

Abstract: This box presents a simple indicator for US real economic activity based on the textual analysis of newspaper articles. The indicator correlates well with US contractions and NBER recession dates. In order to formally assess the predictive information content of the index, it is included in a regression framework in which US recessions are forecast. Results suggest that the index has good forecasting properties, outperforming a standard yield curve model at short horizons (up to eight months ahead). The text analysis index also improves the forecasting performance of standard yield curve models at longer horizons. Taken together, these results suggest that the index is useful for monitoring and predicting economic developments, particularly over short horizons. This approach also has the advantage of being easily updatable (on a daily basis) and applicable to different countries.
JEL Code: C1 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General
C25 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Discrete Regression and Qualitative Choice Models, Discrete Regressors, Proportions
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

23 March 2020

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 2, 2020

US yield curve inversion and financial market signals of recession

Abstract: This article provides a comprehensive overview of progress with the deepening of Europe’s Economic and Monetary Union (EMU). The start of a new legislative period for the European Union (2019-24) is a natural and opportune moment to take stock of progress towards completion of the architecture of EMU. The agenda that was proposed in the 2015 Five Presidents’ Report has yet to be fully implemented, with outstanding measures in the financial, fiscal, economic and political domains. This article surveys those various domains, looking at the elements that have been completed, those that are still ongoing, and those that are desirable but not yet under way. It then identifies priorities in terms of completing the banking union, deepening the integration of Europe’s capital markets, improving the euro area’s fiscal architecture and increasing the resilience of national economic structures.
JEL Code: E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
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
F55 : International Economics→International Relations, National Security, and International Political Economy→International Institutional Arrangements
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation

6 February 2020

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 1, 2020

Tracking global economic uncertainty: implications for global investment and trade

Abstract: The inversion of the US yield curve during the summer of 2019 increased speculation about the possibility of a US recession. However, standard yield curve-based recession probability models ignore factors such as the impact of quantitative easing measures that can distort the signals derived from the current yield curve. This box presents alternative models to deal with these possible distortions. In particular, measures of the term spread that account for asset purchases in the United States, spillovers from euro area purchases to US yields and the effect of foreign official reserve holdings on long-term US yields are constructed. US recession probability models that account for asset purchases predict significantly lower recession probabilities than those implied by standard yield curve models, pointing to a somewhat more benign outlook for the US economy.
JEL Code: E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E47 : Macroeconomics and Monetary Economics→Money and Interest Rates→Forecasting and Simulation: Models and Applications
G17 : Financial Economics→General Financial Markets→Financial Forecasting and Simulation

6 February 2020

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 1, 2020

Letter from the ECB President to Mr Marco Zanni, Ms Francesca Donato, Mr Valentino Grant and Mr Antonio Maria Rinaldi, MEPs, on monetary policy

Abstract: Over the past year the global economy has transitioned from a robust and synchronised expansion to a widespread slowdown. Global growth has weakened on the back of soft investment, which was also a key driver of global trade’s sharp fall into contractionary territory in the first half of 2019 (see Chart A). The slowdown in global investment and trade has occurred in an environment of rising trade tensions between the United States and China, slowing Chinese demand, (geo-)political tensions, Brexit and idiosyncratic stresses in several emerging economies, with rising uncertainty magnifying the negative impact. Against this backdrop, this box assesses the role of uncertainty in the recent slowdown of global investment and trade.
JEL Code: F21 : International Economics→International Factor Movements and International Business→International Investment, Long-Term Capital Movements
F44 : International Economics→Macroeconomic Aspects of International Trade and Finance→International Business Cycles
C54 : Mathematical and Quantitative Methods→Econometric Modeling→Quantitative Policy Modeling

24 January 2020

LETTERS TO MEPS

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Letter from the ECB President to Mr Giorgos Georgiou, MEP, on access to cash

24 January 2020

LETTERS TO MEPS

Letter from the ECB President to Ms Eva Kaili, MEP, on payment services

24 January 2020

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Paul Tang and Ms Neena Gill, MEPs, on monetary policy

20 December 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Paul Tang, Mr Joachim Schuster, Mr Jonás Fernández, Ms Neena Gill, Ms Aurore Lalucq and Mr Eero Heinäluoma, MEPs, on stablecoin initiatives

20 December 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Stelios Kouloglou, MEP, on ECB’s institutional issues

13 December 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Antonio Tajani and Mr Antonio López-Istúriz White, MEPs, on the use of euro banknotes outside the euro area

13 December 2019

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Dimitrios Papadimoulos, MEP, on monetary policy

13 December 2019

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Ernest Urtasun, MEP, on monetary policy

22 November 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Domènec Ruiz Devesa, MEP, on monetary policy

27 September 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Sven Giegold, MEP, on institutional matters

27 September 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Matt Carthy MEP, on institutional matters

27 September 2019

LETTERS TO MEPS

Letter from the ECB President to Ms Eva Kaili, MEP, on stablecoin initiatives

27 September 2019

LETTERS TO MEPS

Priorities for fiscal policies under the 2019 European Semester

8 August 2019

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 5, 2019

Country-specific recommendations for economic policies under the 2019 European Semester

Abstract: This box examines the fiscal policy recommendations addressed to the euro area countries against the background of downside risks to the outlook for a continued economic expansion. The examination shows that in countries with high levels of government debt, building buffers to strengthen resilience in cyclical downturns remains a priority for fiscal policies. At the same time, countries that have achieved sound fiscal positions could utilise some fiscal space for measures to support economic growth.
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

8 August 2019

ECONOMIC BULLETIN - BOX

Nico Zorell

Economic Bulletin Issue 5, 2019

Letter from the ECB President to Mr Markus Ferber, MEP, on stablecoin initiatives

Abstract: This box examines the country-specific recommendations (CSRs) for economic policies in euro area countries under the 2019 European Semester. Overall, the 2019 CSRs place greater emphasis on investment-enhancing structural policies and financial sector policies. However, continued weak CSR implementation by Member States remains a challenge. The implementation of structural reforms needs to be substantially stepped up to increase the economic resilience and growth potential of the euro area.
JEL Code: E02 : Macroeconomics and Monetary Economics→General→Institutions and the Macroeconomy
E6 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
F02 : International Economics→General→International Economic Order

26 July 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Markus Ferber, MEP, on a Slovenian draft law on judicial relief granted to former holders of qualified bank credit

26 July 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Markus Ferber, MEP, on the European distribution of debt instruments (EDDI) initiative

10 July 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Sven Giegold, MEP, on the collateral eligibility criteria for unsecured bank bonds

28 June 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Nikolaos Chountis, MEP, on monetary policy

14 June 2019

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Miguel Viegas, MEP, on monetary policy

14 June 2019

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on the Irish economy

14 June 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Markus Ferber, MEP, on the European financial sector

14 June 2019

LETTERS TO MEPS

The international role of the euro, June 2019

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO

The benefits and costs of the international role of the euro

12 June 2019: THE INTERNATIONAL ROLE OF THE EURO
Statistical annex
English

13 June 2019: PRESS RELEASE
International use of the euro increases
English

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2019

Quantifying the “exorbitant privilege” – potential benefits

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2019

Implications of dominant currency pricing for the global

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

Georgios Georgiadis

The international role of the euro 2019

Euro-US dollar exposures in cross-border banking

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2019

Internationalisation of the Chinese renminbi – state of play

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - BOX

Massimo Ferrari

The international role of the euro 2019

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - BOX

Global currency areas

Massimo Ferrari

The international role of the euro 2019

Role of the US dollar as an invoicing currency for oil imports

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - BOX

The international role of the euro 2019

Advances in market infrastructures and implications for the international use of the euro

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - BOX

Monika Hempel

The international role of the euro 2019

Use of euro cash in CESEE countries

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - BOX

Thomas Scheiber

The international role of the euro 2019

New evidence on international currencies and the monetary policy trilemma

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - BOX

Georgios Georgiadis

The international role of the euro 2019

Currency swap lines and international currency status

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - BOX

Livia Chiţu

The international role of the euro 2019

Overview of the Communication on the international role of the euro issued by the European Commission on 5 December 2018

13 June 2019

THE INTERNATIONAL ROLE OF THE EURO - BOX

Arnaud Mehl

The international role of the euro 2019

Letter from the ECB President to Mr Auke Zijlstra, MEP, on monetary policy

2 May 2019

LETTERS TO MEPS

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Letter from the ECB President to Mr Sotirios Zarianopoulos, MEP, on the Greek economy

2 May 2019

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Letter from the ECB President to Ms Eleonora Evi, Mr Piernicola Pedicini, Ms Isabella Adinolfi, Ms Laura Agea, Ms Tiziana Beghin, Ms Rosa D’Amato, Mr Fabio Massimo Castaldo, Mr Ignazio Corrao, Ms Laura Ferrara, Mr Dario Tamburrano, Mr Marco Zullo, MEPs, on members of the ECB’s decision-making bodies participating in international discussion fora

2 May 2019

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Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek economy

2 May 2019

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Letter from the ECB President to Mr Mario Borghezio, MEP, on the European financial sector

2 May 2019

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Cover letter to the transmission letter of the Annual Report 2018

1 April 2019

OTHER PUBLICATION

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Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2017

1 April 2019: OTHER PUBLICATION
Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2017
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
1 April 2019: ANNUAL REPORT
Annual Report 2018
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
English

1 April 2019

OTHER PUBLICATION

Letter from the ECB President to Mr Bernd Lucke, MEP, on TARGET2

OTHER LANGUAGES (21) +

1 April 2019: OTHER PUBLICATION
Cover letter to the transmission letter of the Annual Report 2018
English
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ItalianoIT
1 April 2019: ANNUAL REPORT
Annual Report 2018
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
English

28 March 2019

LETTERS TO MEPS

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Letter from the ECB President to Ms Paloma López Bermejo, MEP, on high-denomination euro banknotes

28 March 2019

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Letter from the ECB President to Ms Ulrike Trebesius, MEP, on the ECB’s human resource policies

28 March 2019

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Letter from the ECB President to Mr Piernicola Pedicini, MEP, on the European financial sector

28 March 2019

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Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEP, on Treaty provisions on foreign reserves

28 March 2019

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Letter from the ECB President to Ms Eva Kaili, MEP, on the European financial sector

28 March 2019

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Letter from the ECB President to Mr Paul Tang, MEP, on the Eurosystem credit assessment framework

22 February 2019

LETTERS TO MEPS

Letter from the ECB President to Auke Zijlstra, MEP, on monetary policy

13 February 2019

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Letter from the ECB President to Werner Langen, MEP, on the European financial sector

13 February 2019

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Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on the European financial sector

16 January 2019

LETTERS TO MEPS

Letter from the ECB President to Mr Stelios Kouloglou, MEP, on the Greek adjustment programme

16 January 2019

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Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek adjustment programme

28 November 2018

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Letter from the ECB President to Mr Miguel Viegas, MEP, on members of the ECB’s decision-making bodies participating in international discussion fora

16 November 2018

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Letter from the ECB President to Mr Ernest Urtasun, MEP, on the corporate sector purchase programme

16 November 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Brian Hayes, Mr Paul Tang, Mr Sven Giegold, Mr Wolf Klinz, Mr Ashley Fox, MEPs, on the Eurosystem credit assessment framework

16 November 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on members of the ECB’s decision-making bodies participating in international discussion fora

16 November 2018

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Letter from the ECB President to Ms Nessa Childers, MEP, on members of the ECB’s decision-making bodies participating in international discussion fora

16 November 2018

LETTERS TO MEPS

Letter from the ECB President to Ms Kostadinka Kuneva, MEP, on members of the ECB’s decision-making bodies participating in international discussion fora

16 November 2018

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Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on emergency liquidity assistance (ELA)

16 November 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek economy

14 September 2018

LETTERS TO MEPS

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Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek economy

14 September 2018

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Letter from the ECB President to Mr Jonás Fernández, MEP, on a central bank digital currency

14 September 2018

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Letter from the ECB President to Mr Miguel Viegas, MEP, on high-denomination euro banknotes

14 September 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Joachim Starbatty and Ms Ulrike Trebesius, MEP, on TARGET2

14 September 2018

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Letter from the ECB President to Mr Jonás Fernández, MEP, on monetary policy

26 July 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEPs, on the expanded asset purchase programme

26 July 2018

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Foreign direct investment and its drivers: a global and EU perspective

26 June 2018

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 4, 2018

Letter from the ECB President to Mr Sander Loones, MEP, regarding the Harmonised Index of Consumer Prices

Abstract: The relevance of foreign direct investment (FDI) as a source of economic activity has increased rapidly over the last decade. Between 2000 and 2016 the share of FDI stock in global GDP increased from 22% to 35%. Following a decline during the Great Recession, mergers and acquisitions (M&As), the most dynamic component of FDI, have recovered, reaching a record value of USD 1.2 trillion in the first quarter of 2018. The intensification of FDI activity has important implications for both origin and destination countries in terms of, for example, economic growth, productivity, wages and employment. Moreover, the expansion of multinational enterprises (MNEs) has been accompanied by the creation of complex cross-border production chains, which also has important implications. This article presents several findings regarding the main developments in and determinants of FDI over the past decade, at both global and EU level. Since the beginning of the 2000s there has been a gradual shift in the global FDI landscape, with emerging market economies (EMEs) gaining in prominence both as a source of and as a destination for such investment. EMEs have attracted a growing share of FDI flows, reaching more than 50% of the world’s total inward FDI in 2013. In addition, FDI flows are dominated by a relatively small number of M&As. In 2016 M&As with a value in excess of USD 1 billion accounted for only 1% of all FDI projects, but they generated 55% of total FDI flows. Moreover, evidence suggests that FDI and exports are not competing but complementary strategies for serving foreign markets. Finally, since 2008 EU countries are no longer the world’s main FDI investors and recipients. Nevertheless, econometric analysis shows that belonging to the EU dramatically boosts FDI flows in member countries.
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

15 June 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on the Irish adjustment programme

15 June 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Paul Tang, Ms Neena Gill, Mr Jonás Fernández, MEPs, on recent initiatives on sustainable finance

15 June 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Csaba Molnár, MEP, on the activities of the Hungarian National Bank

15 June 2018

LETTERS TO MEPS

The international role of the euro, June 2018

5 June 2018

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Mr Georgios Epitideios, MEP, on circulation of counterfeit banknotes in Europe

26 April 2018

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Letter from the ECB President to Mr Brian Hayes, MEP, on the Eurosystem Credit Assessment Framework

26 April 2018

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Letter from the ECB President to Mr Stelios Kouloglou, MEP, on ECB’s institutional issues

26 April 2018

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Letter from the ECB President to Ms Kostadinka Kuneva, MEP, on ECB’s institutional issues

26 April 2018

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Letter from the ECB President to Mr Joachim Starbatty, MEP, on the corporate sector purchase programme

26 April 2018

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Letter from the ECB President to Mr Paul Tang, MEP, on ECB’s interactions with external parties

26 April 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Nikolaos Chountis, MEP, regarding financial conditions for euro area households

26 April 2018

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Letter from the ECB President to Mr Joachim Starbatty and Ms Ulrike Trebesius, MEPs, regarding the public sector purchase programme

26 April 2018

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, regarding the ESRB High-Level Task Force on Safe Assets

26 April 2018

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Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2016

9 April 2018

OTHER PUBLICATION

Letter from the ECB President to Ms Laura Agea, MEP, on aspects related to banknotes production

OTHER LANGUAGES (21) +

14 March 2018

LETTERS TO MEPS

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Letter from the ECB President to Ms Paloma López Bermejo, MEP, on structural reforms in Spain

8 February 2018

OTHER PUBLICATION

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Letter from the ECB President to Ms Kostadinka Kuneva, MEP, on the European Court of Auditor’s report on Greece

8 February 2018

OTHER PUBLICATION

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Letter from the ECB President to Ms Eva Kaili, MEP, on the corporate sector purchase programme

8 February 2018

OTHER PUBLICATION

Letter from the ECB President to Mr Enrique Calvet Chambon, MEP, on the European financial sector

8 February 2018

OTHER PUBLICATION

Letter from the ECB President to several MEPs on ECB’s interactions with external parties

26 January 2018

LETTERS TO MEPS

Letter from the ECB President to Mr David Coburn, MEP, on monetary policy

24 January 2018

LETTERS TO MEPS

Letter from the ECB President to Mr Nikolaos Chountis, MEP, on house auctions in Greece

24 January 2018

LETTERS TO MEPS

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Letter from the ECB President to Ms Laura Agea and Mr Marco Valli, MEPs, on the corporate sector purchase programme

24 January 2018

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Letter from the ECB President to Mr Angelo Ciocca, MEP

15 December 2017

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Letter from the ECB President to Mr Bernd Lucke, MEP, regarding public sector purchase programme

29 November 2017

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Letter from the ECB President to Mr Marco Zanni, MEP, on Target2 operations

29 November 2017

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Letter from the ECB President to S&D Members, MEP, on the corporate sector purchase programme

9 November 2017

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Letter from the ECB President to Mr Angelo Ciocca, MEP, on the corporate sector purchase programme

9 November 2017

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Letter from the ECB President to Mr Angelo Ciocca, MEP

9 November 2017

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on payment services

9 November 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Brian Hayes, MEP, on the public sector purchase programme

9 November 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Tajani, President of the European Parliament, regarding the draft addendum to the ECB Guidance to banks on non-performing loans

13 October 2017

LETTERS TO MEPS

Letter from Danièle Nouy, Chair of the Supervisory Board, to Mr Tajani, President of the European Parliament, regarding the draft addendum to the ECB Guidance to banks on non-performing loans

13 October 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Ernest Urtasun, Mr Sven Giegold, Ms Molly Scott Cato, Mr Michel Reimon, Mr Bas Eickhout, MEPs, on climate change

10 October 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek adjustment programme

10 October 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Fabio De Masi, MEP, on aspects related to banknotes

15 September 2017

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Letter from the ECB President to Mr Marco Zanni, MEP, on TARGET2 operations

15 September 2017

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Letter from the ECB President to Ms Ulrike Trebesius and Mr Joachim Starbatty, MEPs, on the Public Sector Purchase Programme

30 August 2017

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Letter from the ECB President to Mr Fabio De Masi, MEP, on the expanded asset purchase programme

30 August 2017

LETTERS TO MEPS

Letter from the ECB President to Ms Sophia in’t Veld, MEP, on the activities of the Hungarian National Bank

30 August 2017

LETTERS TO MEPS

Letter from the ECB President to Mrs Paloma López Bermejo, MEP, on the financial sector adjustment programme for Spain

25 July 2017

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Letter from the ECB President to Mrs Paloma López Bermejo and Mr Manuel Viegas, MEPs, on virtual currency schemes

20 July 2017

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Letter from the ECB President to Mr Werner Langen, MEP, on fighting tax evasion

20 July 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Zanni, MEP, on the ECB Financial Stability Report

20 July 2017

LETTERS TO MEPS

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ECB contribution to the European Commission’s consultation on the operations of the European Supervisory Authorities, July 2017

7 July 2017

OTHER PUBLICATION

Letter from the ECB President to Mr Brian Hayes, MEP, on the deposits held by US multinationals in Eurozone banks

6 July 2017

LETTERS TO MEPS

The euro and the geography of the foreign exchange market

5 July 2017

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

Arnaud Mehl

The international role of the euro 2017

Violations in covered interest parity and the euro's role as an international financing currency

5 July 2017

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2017

Unofficial euroisation in CESEE countries

5 July 2017

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2017

The international role of the euro, July 2017

5 July 2017

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek adjustment programme

26 June 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Luigi Morgano, MEP, on AnaCredit

26 June 2017

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Letter from the ECB President to several Members of the European Parliament on the expanded asset purchase programme

26 June 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Nuno Melo, MEP, on the economic situation in Portugal

16 June 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Marco Zanni, MEP, on TARGET2 operations

8 June 2017

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on the European Deposit Insurance Scheme

8 June 2017

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Letter from the ECB President to Ms Sophia in ‘t Veld and Mr Sven Giegold, MEPs, on payment services

8 June 2017

LETTERS TO MEPS

Letter from the ECB President to Ms Sylvie Goulard, MEP, on monetary policy

23 May 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Jonás Fernández, MEP, on monetary policy

23 May 2017

LETTERS TO MEPS

Letter from the ECB President to Ms Lynn Boylan, MEP, on the implementation of monetary policy

11 May 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Miguel Viegas, MEP, on the expanded asset purchase programme

11 May 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Fabio De Masi, MEP, on emergency liquidity assistance (ELA)

11 May 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Charles Goerens, MEP

11 May 2017

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Letter from the ECB President to Mr Marco Zanni, MEP, on TARGET2 operations

11 May 2017

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ECB contribution to the European Commission’s consultation on Capital Markets Union mid-term review 2017

2 May 2017

OTHER PUBLICATION

Letter from the ECB President to Ms Rosa D’Amato, Mr Marco Valli, Mr Piernicola Pedicini, Ms Eleonora Evi, MEPs, on the eligibility criteria of the APP

11 April 2017

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Letter from the ECB President to Mr Mario Borghezio, MEP

11 April 2017

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Letter from the ECB President to Ms Laura Agea, Mr Fabio de Masi, Mr Hans-Olaf Henkel, Mr Bernd Lucke, Mr Marco Valli, MEPs, on monetary policy

11 April 2017

LETTERS TO MEPS

Cover letter to the transmission letter of the Annual Report 2016

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DeutschDE ItalianoIT

10 April 2017

OTHER PUBLICATION

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Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2015

10 April 2017

OTHER PUBLICATION

Letter from the ECB President to Mr Notis Marias, MEP, on the Greek adjustment programme

OTHER LANGUAGES (22) +

6 April 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Stelios Kouloglou, MEP, on the Greek adjustment programme

6 April 2017

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Letter from the ECB President to Mr Nuno Melo, MEP, on Portuguese government debt instruments

6 April 2017

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Letter from the ECB President to Ms Paloma López Bermejo, MEP, on Spanish legislation

1 March 2017

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Letter from the ECB President to Ms Paloma López Bermejo, MEP, on the financial sector adjustment programme for Spain

1 March 2017

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Letter from the ECB President to Mr Alfred Sant, MEP, on the European Court of Auditor’s report on the SSM

6 February 2017

LETTERS TO MEPS

Letter from the ECB President to Ms Marina Albiol Guzmán, MEP, on consumer protection

3 February 2017

LETTERS TO MEPS

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Letter from the ECB President to Ms Molly Scott Cato and Mr Ernest Urtasun, MEPs, on monetary policy implementation

3 February 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Miguel Viegas, MEP, on monetary policy

3 February 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Werner Langen, MEP, on TARGET2 operations

23 January 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Costas Mavrides, MEP, on cooperative banks

20 January 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Bernd Lucke, MEP, on monetary policy implementation

20 January 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Enrique Calvet Chambon, MEP, on the EU regulatory, supervisory and oversight framework

20 January 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEPs, on TARGET2 operations

20 January 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEPs, on monetary policy

20 January 2017

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Letter from the ECB President to Mr David Coburn, MEP, on the ECB sanctioning powers in cases of breaches

20 January 2017

LETTERS TO MEPS

Letter from the ECB President to Ms Pervenche Berès, MEP, on the legal framework for central counterparties

11 January 2017

LETTERS TO MEPS

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Letter from the ECB President to Mr Enrique Calvet Chambon, MEP, on monetary policy

11 January 2017

LETTERS TO MEPS

Letter from the ECB President to Mr Luke Ming Flanagan, on the ECB sanctioning powers in cases of breaches

22 December 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Valli, MEP, and Mr Zanni, MEP, on the implementation of monetary policy

15 December 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Borghezio, MEP, on high-denomination euro banknotes

29 November 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Fernández, MEP, on monetary policy

29 November 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Ciocca, MEP, on monetary policy

17 November 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Molnar, MEP, on the activities of the Hungarian National Bank

17 November 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Urtasun, MEP, on the implementation of monetary policy

17 November 2016

LETTERS TO MEPS

Letter from the ECB President to Ms López Bermejo, MEP, on the advisory role of the ECB with regard to draft legislation falling within its fields of competence

9 November 2016

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Letter from the ECB President to Mr Bullmann, MEP, on the activities of the Hungarian National Bank

21 October 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Cozzolino, MEP, on targeted longer-term refinancing operations

18 October 2016

LETTERS TO MEPS

Letter from the ECB President to Ms López Bermejo, MEP, on the implementation of monetary policy

18 October 2016

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Letter from the ECB President to Mr Fernández, MEP, on cash payment

18 October 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Fernández and Mr Tang, MEPs, on monetary policy

20 September 2016

LETTERS TO MEPS

Letter from the ECB President to ALDE MEPs regarding the reinstatement of the waiver affecting the eligibility of Greek bonds

20 September 2016

LETTERS TO MEPS

Eurosystem contribution to the European Commission's DG FISMA consultation paper on further considerations for the implementation of the net stable funding ratio in the European Union

14 September 2016

OTHER PUBLICATION

Letter from the ECB President to Mr Reinhard Bütikofer, MEP, concerning the ECB's work on green finance

31 August 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the legal framework for appointing the members of banks’ boards of directors

31 August 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, regarding the possible purchases of marketable instruments issued or guaranteed by the Hellenic Republic under the public sector purchase programme

31 August 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Matt Carthy, MEP, regarding the ECB Financial Stability Report

31 August 2016

LETTERS TO MEPS

The layers of the global financial safety net: taking stock

4 August 2016

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 5, 2016

Letter from the ECB President to Mr Matt Carthy, MEP, regarding the Irish economy

27 July 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Benedek Jávor, MEP, on the activities of the Hungarian National Bank

7 July 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Nuno Melo, MEP, regarding a less significant credit institution

7 July 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Ana Gomes, Mr Carlos Zorrinho, Mr Pedro Silva Pereira, Mr Francisco Assis, Ms Liliana Rodrigues, Mr Ricardo Serrao Santos, Ms Maria Joao Rodrigues, MEPs, regarding a less significant credit institution

7 July 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Miguel Viegas, MEP, on the economic policy of the euro area

7 July 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Csaba Molnár, MEP, on the activities of the Hungarian National Bank

15 June 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Nuno Melo, MEP, regarding a less significant credit institution

OTHER LANGUAGES (1) +

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MagyarHU

8 June 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Marco Zanni and Mr Marco Valli, MEPs, regarding macroprudential policies

8 June 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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The international role of the euro, June 2016

8 June 2016

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Mr Jonás Fernández, MEP, on the expanded asset purchase programme

2 June 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Jonás Fernández, MEP, on euro banknkotes and coins

2 June 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the public sector purchase programme

2 June 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr José Manuel Fernandes, MEP, regarding a less significant credit institution

2 June 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Nuno Melo, MEP, regarding a less significant credit institution

2 June 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Bernard Monot, MEP, on the ECB's monetary policy

2 June 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Marco Zanni, MEP, and Mr Marco Valli, MEP, on 5 euro coins

2 June 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Sven Giegold, MEP, on AnaCredit

20 May 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Nuno Melo, MEP, on the Portuguese adjustment programme

18 May 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Eva Kaili, MEP, on the Greek adjustment programme

18 May 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the public sector purchase programme

18 May 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Fabio De Masi, MEP, on deposit guarantees schemes

3 May 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Steeve Briois and Mr Bernard Monot, MEPs, on the ECB’s monetary policy

3 May 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Brian Hayes, MEP, on macro prudential measures

3 May 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Notis Marias, MEP, on non-performing loans

3 May 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Csaba Molnár, MEP, on Hungarian legislation and the monetary policy of the Hungarian National Bank

22 April 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Jonás Fernández, MEP, on the ECB’s proceeds from sanctions

22 April 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Jonás Fernández, MEP, on low interest rates

22 April 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Fabio De Masi, MEP, on high-denomination banknotes

22 April 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Fabio De Masi, MEP, on monetary policy

21 April 2016

LETTERS TO MEPS

Cover letter to the transmission letter of the Annual Report 2015

7 April 2016

OTHER PUBLICATION

Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report 2014

OTHER LANGUAGES (2) +

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DeutschDE ItalianoIT

7 April 2016

OTHER PUBLICATION

Letter from the ECB President to Mr Notis Marias, MEP, on the Eurosystem’s operational framework for monetary policy implementation

6 April 2016

LETTERS TO MEPS

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Letter from the ECB President to Fabio De Masi, MEP, on the eligibility criteria and other aspects of the APP

6 April 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Notis Marias, MEP, on the eligibility criteria of the APP

6 April 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Jonás Fernández, MEP

5 April 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Bernard Monot, MEP, on commodities markets

5 April 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Mario Borghezio, MEP, on gold reserves

5 April 2016

LETTERS TO MEPS

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Letter from the ECB President to Ms Laura Ferrara, Mr Marco Valli, Mr Marco Zanni, MEPs, on total seigniorage income earned by the ECB and on the NCBs’ shares in the capital of the ECB

15 March 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Fabio De Masi, MEP, on the Agreement on Net Financial Assets

15 March 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Alfred Sant, MEP, on the ECB’s human resource policies

15 March 2016

LETTERS TO MEPS

Letter from the ECB President to Ms Eva Kaili, MEP, on the Greek adjustment programme

15 March 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter by the ECB President to Mr Richard Sulík on Slovakian legislation

1 March 2016

OTHER PUBLICATION

Letter from the ECB President to Mr Fabio De Masi, Mr Nikolaus Chountis, Ms Sofia Sakorafa and Mr Miguel Urbán Crespo on the Greek adjustment programme

OTHER LANGUAGES (1) +

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SlovenčinaSK

1 March 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Dennis de Jong on members of the ECB’s decision-making bodies participating to international discussion fora

1 March 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Jonas Fernández on monetary policy

1 March 2016

LETTERS TO MEPS

Letter from the ECB President to ENF members, EP, on the financing situation of small and medium-sized enterprises in the euro area

18 February 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Annemans, MEP, on monetary policy

18 February 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Kouloglou, MEP, on the Greek adjustment programme

18 February 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Marias, MEP, on the expanded asset purchase programme

18 February 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Borghezio, MEP, on the application of resolution tools

18 February 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr Balz, MEP, on the Agreement on Net Financial Assets

18 February 2016

LETTERS TO MEPS

Letter from the ECB President to Mr De Masi, MEP, on international economic development

4 February 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Papadimoulis, MEP, on monetary policy

4 February 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Papadimoulis, MEP, on principles for external communication by members of the Executive Board and by ECB staff

4 February 2016

LETTERS TO MEPS

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Letter from the ECB President to ECR Members (EP) on the ECB’s communication policy in relation to the provision of emergency liquidity assistance (ELA)

4 February 2016

LETTERS TO MEPS

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Letter from the ECB President to Mr De Masi, MEP, on principles for external communication by members of the Executive Board

4 February 2016

LETTERS TO MEPS

Letter from the ECB President to Ms Elisa Ferreira, MEP, on issues related to the Banking Union

26 January 2016

LETTERS TO MEPS

Letter from Sabine Lautenschläger, Member of the Executive Board and Vice-Chair of the Supervisory Board, to Mr Pieper, MEP, on AnaCredit

15 January 2016

LETTERS TO MEPS

Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP, on the Money Market Contact Group

13 January 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP, on targeted longer-term refinancing operations

13 January 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Papadimoulis, MEP, and Mr Kouloglou, MEP, on several aspects of the Greek adjustment programme

13 January 2016

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Giegold, MEP, on the ECB’s participation in international fora

18 December 2015

LETTERS TO MEPS

Letter from the ECB President to Mr De Masi, MEP, on the ECB’s HR polices

18 December 2015

LETTERS TO MEPS

Letter from the ECB President to the European Ombudsman on AnaCredit

16 December 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Papadimoulis (MEP) on the ECB Opinion of 2 September 2015 on bank resolution

10 December 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Valli, MEP, and Mr Zanni, MEP, on principles for external communication by members of the Executive Board

3 December 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Viegas, MEP, on principles for external communication by members of the Executive Board

3 December 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Carthy, MEP, on the ESM direct recapitalisation instrument

2 December 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Papadimoulis, MEP, on monetary policy

2 December 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to members of the ALDE Group in the EP on the expanded asset purchase programme

2 December 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP, on monetary policy

2 December 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP, on monetary policy

2 December 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms In 't Veld, MEP, on virtual currency schemes

2 December 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Hayes, MEP, on monetary policy

2 December 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Mavrides, MEP, on the United Nations-led negotiations between the two communities in Cyprus

2 December 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Fernández, MEP, on monetary policy

2 December 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Mavrides, MEP

2 December 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Carthy, MEP, on the Irish adjustment programme

17 November 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Carthy, MEP, on the use of the term “no-bail-out clause”

17 November 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Carthy, MEP, on the ESM direct recapitalisation instrument

17 November 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Fabio De Masi, MEP, on several aspects of the ECB’s human resource policies

17 November 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Jonas Fernandez, MEP, on the current regulatory framework for sovereign exposures

17 November 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Fernandez, MEP, on the Economic and Monetary Union

17 November 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Flanagan, MEP, on several aspects of the Irish adjustment programme

17 November 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP

17 November 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Trade links between the euro area and China

4 November 2015

ECONOMIC BULLETIN - BOX

Economic Bulletin Issue 7, 2015

Letter from the ECB President to Mr Fabio De Masi, MEP, on members of the ECB’s decision-making bodies participating to public and private debates

28 October 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on the Greek adjustment programme

28 October 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Eva Kaili, MEP, on the Greek adjustment programme

22 October 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Eva Kaili, MEP, on virtual currency schemes and alternative forms of payment

22 October 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to the Syriza Party MEPs on the Greek adjustment programme

29 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Sven Giegold and Mr Peter Simon, MEPs, on AnaCredit

22 September 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Richard Sulik, MEP, on TARGET2 operations

18 September 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Fabio De Masi, MEP, on the access to ECB documents

OTHER LANGUAGES (1) +

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SlovenčinaSK

18 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Fabio De Masi, MEP, on the ECB Staff Survey

18 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Mara Bizzotto, MEP, on consumer protection

18 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Marco Zanni and Mr Marco Valli, MEPs, on the provision of emergency liquidity assistance (ELA)

18 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the Greek adjustment programme

18 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Jonás Fernández, MEP, on the provision of emergency liquidity assistance (ELA)

18 September 2015

LETTERS TO MEPS

Letter from the ECB President to the Members of Europe Nations and Freedoms on the main building of the European Central Bank

8 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Notis Marias, MEP, on the Greek adjustment programme

8 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Jonas Fernández, MEP, on the expanded asset purchase programme

3 September 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Brian Hayes, MEP, on SAFE survey results

3 September 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Brian Hayes, MEP, on the ECB’s letter to the European Ombudsman

3 September 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEPs, on targeted longer-term refinancing operations

3 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on statistics on financial sector assistance measures provided by governments

3 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on manipulation of financial markets and insider trading

3 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Richard Sulik, MEP, on Slovakian legislation

3 September 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Sven Giegold, MEP, on The Economic Adjustment Programme for Cyprus

OTHER LANGUAGES (1) +

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SlovenčinaSK

3 September 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Martin Schulz, President of the European Parliament, and Roberto Gualtieri, Chair of ECON, concerning a request from several MEPs

29 July 2015

LETTERS TO MEPS

Follow-up letter from the ECB President to Ms Marian Harkin, MEP, on the ECB’s participation in the Irish parliamentary Committee of Inquiry

29 July 2015

OTHER PUBLICATION

Letter from the ECB President to Mr Marco Zanni and Mr Marco Valli, MEPs, on money supply

14 July 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Marco Zanni and Mr Marco Valli, MEPs, on speech delivered by a member of the ECB Executive Board on 18 May 2015

14 July 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Janusz Korwin-Mikke, MEP, on the expanded asset purchase programme

14 July 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Sven Giegold, MEP, on the Cypriot banking sector

OTHER LANGUAGES (1) +

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PolskiPL

14 July 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Eva Kaili, MEP, on monetary policy

14 July 2015

LETTERS TO MEPS

The role of currency invoicing for the international transmission

8 July 2015

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2015

Stability or upheaval? The currency composition of international

8 July 2015

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

Arnaud Mehl

The international role of the euro 2015

The international role of the euro, July 2015

8 July 2015

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Mr Notis Marias, MEP, on the Greek adjustment programme

8 July 2015: PRESS RELEASE
Diverging monetary policy cycles impact international use of the euro
English

1 July 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Matt Carthy, MEP, on the Irish adjustment programme

1 July 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Notis Marias, MEP, on the Greek adjustment programme

1 July 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Completing Europe's Economic and Monetary Union

22 June 2015

OTHER PUBLICATION

Letter from the ECB President to Ms Eva Kaili, MEP, on the Greek adjustment programme

OTHER LANGUAGES (22) +

22 June 2015: PRESS RELEASE
Roadmap for the future of the Economic and Monetary Union
English

18 June 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Sven Giegold, MEP, on the Cypriot banking sector

18 June 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Burkhard Balz, MEP, on the Eurosystem Credit Assessment Framework

18 June 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Fabio De Masi, MEP, on the Public Sector Purchase Programme (PSPP)

18 June 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Fabio De Masi, MEP, on the access to ECB documents

18 June 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Jonas Fernández, MEP, on the Economic and Monetary Union

18 June 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Alfred Sant, MEP, on ECB employment policy

11 June 2015

LETTERS TO MEPS

Letter from the ECB President to Ms Ulrike Trebesius, MEP, on monetary policy

11 June 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on several aspects of the Irish adjustment programme

11 June 2015

LETTERS TO MEPS

Letter from the ECB President to Ms Emily O'Reilly, European Ombudsman, regarding a speech delivered by a member of the ECB Executive Board on 18 May 2015.

11 June 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Jonás Fernández, MEP, on temporary agency work at the ECB

22 May 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Bernd Kölmel, MEP, on monetary policy

22 May 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Mr Kostas Chrysogonos, MEP, on the ECB’s new premises

22 May 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Notis Marias, MEP, on Advocate General’s Opinion in Case C-62/14

22 May 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Miguel Urbán Crespo, MEP, on aspects related to banknotes production

22 May 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Jonás Fernández, MEP, on the Public Sector Purchase Programme (PSPP)

22 May 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Bernd Lucke, MEP, on the Public Sector Purchase Programme (PSPP)

22 May 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Ramon Tremosa i Balcells, MEP, on the expanded asset purchase programme

8 May 2015

LETTERS TO MEPS

Letter from the ECB President to ECR Members

8 May 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Costas Mavrides, MEP

8 May 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Miguel Viegas, MEP, on the new ECB premises

8 May 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on monetary policy

8 May 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on non-performing loans

8 May 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Jonás Fernández, MEP, on monetary policy

8 May 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEPs, on electronic money

8 May 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Jonás Fernández, MEP, on the public sector purchase programme

8 May 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Jonas Fernandez, MEP

21 April 2015

LETTERS TO MEPS

Letter from the ECB President to the Members of the EFDD on the expanded asset purchase programme (APP)

21 April 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Ms Mara Bizzotto, MEP, and Mr Gianluca Buonanno, MEP, on the expanded asset purchase programme (APP)

21 April 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on the expanded asset purchase programme (APP)

21 April 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Miguel Viegas, MEP, on the ECB’s new premises

21 April 2015

LETTERS TO MEPS

OTHER LANGUAGES (1) +

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Letter from the ECB President to Mr Kostas Chrysogonos, MEP

21 April 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on several aspects of the Irish adjustment programme

21 April 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Jonás Fernández, MEP, and Ms Eider Gardiazabal Rubial, MEP, on the judgement of the General Court of the European Union of 4 March 2015 in Case T-496/11

21 April 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Gianluca Buonanno, MEP

21 April 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Gianluca Buonanno, MEP

21 April 2015

LETTERS TO MEPS

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Letter from the ECB President to Mr Marco Valli, MEP, and Mr Marco Zanni, MEP

21 April 2015

LETTERS TO MEPS

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Letter from the ECB President to Ms Eva Kaili, MEP, on monetary policy

21 April 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Fabio de Masi, MEP, and Mr Neoklis Sylikiotis, MEP, on the Cypriot banking sector

21 April 2015

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Letter from the ECB President to Mr Gianluca Buonanno, MEP, on virtual currency schemes (VCS)

21 April 2015

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Letter from the ECB President to Mr Hugues Bayet, MEP, on the expanded asset purchase programme (APP)

21 April 2015

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Letter from the ECB President to the Members of GUE/NGL on monetary policy

15 April 2015

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Letter from the ECB President to Mr Matt Carthy, MEP, on the expanded asset purchase programme (APP)

15 April 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Kostas Chrysogonos, MEP

15 April 2015

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Letter from the ECB President to Mr Fabio De Masi, MEP, on Outright Monetary Transactions (OMTs)

15 April 2015

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Letter from the ECB President to Mr Jonás Fernandez, MEP, on the expanded asset purchase programme (APP)

15 April 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Jonás Fernandez, MEP, on the eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations

15 April 2015

LETTERS TO MEPS

Letter from the ECB President to Mr Jonás Fernandez, MEP, on the eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations

15 April 2015

LETTERS TO MEPS

Letter from the ECB President to the Members of GUE/NGL on the eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations

15 April 2015

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Letter from the ECB President to Ms Paloma López Bermejo, MEP, on the eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations

15 April 2015

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Letter from the ECB President to EFDD Members on high-denomination euro banknotes

1 April 2015

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on Outright Monetary Transactions

1 April 2015

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Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the Eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations

1 April 2015

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Letter from the ECB President to Mr Gianluca Buonanno, MEP

11 March 2015

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Letter from the ECB President to Mr Enrique Calvet Chambon, MEP, on the extended asset purchase programme

11 March 2015

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Letter from the ECB President to Mr Marco Valli, MEP, and Mr Marco Zanni, MEP, on the ABS purchase programme

11 March 2015

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Letter from the ECB President to the S&D Members on the extended asset purchase programme

11 March 2015

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Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the Greek adjustment programme

11 March 2015

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Letter from the ECB President to Mr Gianluca Buonanno, MEP

11 March 2015

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on monetary policy

3 March 2015

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Letter from the ECB President to Ms Mara Bizzotto, MEP, on monetary policy

3 March 2015

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Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on several aspects of the Irish adjustment programme

3 March 2015

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Letter from the ECB President to Mr Jonas Fernandez, MEP, on monetary policy

3 March 2015

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Letter from the ECB President to MEP Harkin on the ECB’s participation in the Irish parliamentary Committee of Inquiry

24 February 2015

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Letter of the President of the ECB to the President of the Eurogroup, Mr Jeroen Dijsselbloem, on the list of measures submitted by the Greek authorities

24 February 2015

OTHER PUBLICATION

Letter from the ECB President to Mr Miguel Viegas, MEP, on monetary policy

18 February 2015

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Letter from the ECB President to Mr Matt Carthy, MEP, on several aspects of the Irish adjustment programme

18 February 2015

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Letter from the ECB President to Mr Jonás Fernández, MEP, on monetary policy

18 February 2015

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Letter from the ECB President to Mr Kostas Chrysogonos , MEP, on monetary policy

18 February 2015

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on institutional matters

18 February 2015

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Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on certain aspects of the macroeconomic adjustment programme in Greece

26 January 2015

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Letter from the ECB President to Mr Kostas Chrysogonos , MEP

14 January 2015

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP

14 January 2015

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Letter from the ECB President to Mr Gianluca Buonanno , MEP, on financial regulation

14 January 2015

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Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEP, on the targeted longer-term refinancing operations

8 January 2015

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Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on monetary policy

8 January 2015

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Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEP, on fiscal and monetary policies

8 January 2015

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Letter from Jean-Claude Trichet, President of the ECB, and Mr. Fernandez-Ordonez to Mr. Zapatero, Prime Minister of Spain, on 5 August 2011

19 December 2014

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Reply from Mr. Zapatero, Prime Minister of Spain to Jean-Claude Trichet, President of the ECB, on 6 August 2011

19 December 2014

OTHER PUBLICATION

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Letter from the ECB President to Mr Fabio De Masi, MEP, on the ABSPP

17 December 2014

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Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on adjustment programmes

17 December 2014

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Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the ABSPP and CBPP3

17 December 2014

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Letter from the ECB President to Ms Paloma López Bermejo, MEP, on aspects related to banknotes production

10 December 2014

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Letter from the ECB President to Mr Mario Borghezio, MEP, on the ABS purchase programme

26 November 2014

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Letter from the ECB President to Mr Bernard Monot, MEP, on the ABS purchase programme and the ‘funding’ of the Eurosystem’s lending operations

26 November 2014

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Letter from the ECB President to Mr Fabio de Masi, MEP, on temporary labour at the ECB

26 November 2014

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Letter from the ECB President to Ms Paloma Lopez Bermejo, MEP, on unconventional measures and fiscal policies

3 November 2014

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Letter from the ECB President to Brian Hayes, MEP, on participation of Irish banks in the TLTRO

3 November 2014

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Letter from the ECB President to Mr Bernd Lucke, MEP, on ECB measures

3 November 2014

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on unconventional measures

3 November 2014

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Letter from the ECB President to Ms Sophie Montel, MEP, on ECB measures

3 November 2014

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Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the Greek programme

3 November 2014

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Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on Greek banks

3 November 2014

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Letter from the ECB President to Mr Nicola Caputo, MEP, on various issues

3 November 2014

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Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on Greek banks

3 November 2014

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Letter from the ECB President to Mr Valli and Mr Zanni, MEPs

17 October 2014

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Contribution of the Eurosystem to the public consultation of the European Commission on the mid-term review of the “Europe 2020 strategy”

17 October 2014

OTHER PUBLICATION

Progress through crisis? Proceedings of the conference for the 20th anniversary of the establishment of the European Monetary Institute

10 October 2014

OTHER PUBLICATION

Letter from the ECB President to Mr Balz, MEP

1 October 2014

LETTERS TO MEPS

Letter from the ECB President to Mr Hayes, MEP

1 October 2014

LETTERS TO MEPS

Letter from the ECB President to Mr Hayes, MEP

1 October 2014

LETTERS TO MEPS

Letter from the ECB President to Isabella Adinolfi, Marco Affronte, Laura Agea and 14 other Members of the European Parliament

24 September 2014

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Letter from the ECB President to Mr De Masi, MEP

7 August 2014

LETTERS TO MEPS

Dissecting foreign investments in euro area bond markets during the sovereign debt crisis

16 July 2014

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro

Reserve diversification and global foreign exchange markets: an overview of the literature

16 July 2014

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

Arnaud Mehl

The international role of the euro 2014

An overview of trends in bond market issuance denominated in foreign currency

16 July 2014

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2014

The international role of the euro, July 2014

16 July 2014

THE INTERNATIONAL ROLE OF THE EURO

16 July 2014: PRESS RELEASE
Signs of a turnaround in the international use of the euro
English

26 May 2014

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Letter from the ECB President to Mr Zijlstra, MEP

26 May 2014

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Letter from the ECB President to Ms Martina Anderson, MEP

21 May 2014

LETTERS TO MEPS

Letter from the ECB President to Ms Martina Anderson, MEP

7 May 2014

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Letter from the ECB President to Mr Crescenzio Rivellini, MEP

19 February 2014

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Letter from the ECB President to Ms Martina Anderson, MEP

19 February 2014

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Letter from the ECB President to Mr Auke Zijlstra, MEP

19 February 2014

LETTERS TO MEPS

Letter from the ECB President to Mr Andreas Pitsillides, MEP

28 January 2014

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Letter from the ECB President to Mr Peter van Dalen, MEP

28 January 2014

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Letter from the ECB President to Mr Sven Giegold, MEP

28 January 2014

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Letter from the ECB President to Mr Nikolaos Chountis, MEP

28 January 2014

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Handbook of National Accounting: Financial Production, Flows and Stocks in the System of National Accounts

28 January 2014

OTHER PUBLICATION

Medium-term prospects for China’s economy and the internationalisation of the renminbi

28 January 2014: PRESS RELEASE
ESRB General Board meeting in Frankfurt
English

16 January 2014

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 1, 2014

Letter from the ECB President to Mr Raül Romeva i Rueda, MEP

13 January 2014

LETTERS TO MEPS

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Letter from the ECB President to Mr Auke Zijlstra, MEP

13 January 2014

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Letter from the ECB President to Mr Ramon Tremosa i Balcells, MEP

13 January 2014

LETTERS TO MEPS

ECB response to the questionnaire of the European Parliament on the troika

10 January 2014

OTHER PUBLICATION

Letter from the ECB President to Mr Mario Borghezio, MEP

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EλληνικάEL PortuguêsPT

19 December 2013

LETTERS TO MEPS

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19 December 2013

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Letter from the ECB President to Mr Claudio Morganti, MEP

19 December 2013

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Letter from the ECB President to Mr Francisco Sosa Wagner, MEP

25 November 2013

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Letter from the ECB President to Mr Sven Giegold, MEP

25 November 2013

LETTERS TO MEPS

Letter from the ECB President to Mr Mario Borghezio, MEP

20 November 2013

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Letter from the ECB President to Ms Martina Anderson, MEP

23 October 2013

LETTERS TO MEPS

Letter from the ECB President to Ms Nessa Childers, MEP

30 September 2013

LETTERS TO MEPS

Letter from the ECB President to Mr Ramon Tremosa i Balcells, MEP

10 September 2013

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Letter from the ECB President to Ms Cristiana Muscardini, MEP

10 September 2013

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Letter from the ECB President to Mr Auke Zijlstra, MEP

10 September 2013

LETTERS TO MEPS

Letter from the ECB President to Ms Niki Tzavela, MEP

1 August 2013

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Letter from the ECB President to Ms Niki Tzavela, MEP

1 August 2013

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Letter from the ECB President to Ms Niki Tzavela, MEP

1 August 2013

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Letter from the ECB President to Mr Sven Giegold, MEP

1 August 2013

LETTERS TO MEPS

Letter from the ECB President to Mr Auke Zijlstra, MEP

1 August 2013

LETTERS TO MEPS

Letter from the ECB President to Mr Auke Zijlstra, MEP

1 August 2013

LETTERS TO MEPS

Letter from the ECB President to Ms Rodi Κratsa-Τsagaropoulou, MEP

19 July 2013

LETTERS TO MEPS

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Letter from the ECB President to Mr Francisco Sosa Wagner, MEP

16 July 2013

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Letter from the ECB President to Mr Marco Scurria, MEP

16 July 2013

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16 July 2013

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16 July 2013

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11 July 2013

LETTERS TO MEPS

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11 July 2013

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11 July 2013

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11 July 2013

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11 July 2013

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11 July 2013

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11 July 2013

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Global safe asset shortage, non-traditional reserve currencies and the global financial crisis

2 July 2013

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2013

The emergence of the Chinese Renminbi as an international currency

2 July 2013

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2013

History, gravity and international finance

2 July 2013

THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE

The international role of the euro 2013

The international role of the euro, July 2013

2 July 2013

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Ms Nessa Childers, MEP

2 July 2013: PRESS RELEASE
Review of the international role of the euro
English

25 June 2013

LETTERS TO MEPS

Letter from the ECB President to Mr David Campbell Bannerman, MEP

25 June 2013

LETTERS TO MEPS

Letter from the ECB President to Mr Nikolaos Chountis, MEP

25 June 2013

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Letter from the ECB President to Ms Martina Anderson, MEP

20 June 2013

LETTERS TO MEPS

Letter from the ECB Vice-President to Mr Mario Borghezio, MEP

13 May 2013

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Letter from the ECB President to Mr Auke Zijlstra, MEP

13 May 2013

LETTERS TO MEPS

Letter from the ECB President to Mr Auke Zijlstra, MEP

13 May 2013

LETTERS TO MEPS

Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, MEP

13 May 2013

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Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, MEP

13 May 2013

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Letter from the ECB President to Ms Martina Anderson, MEP

13 May 2013

LETTERS TO MEPS

Letter from the ECB President to Mr Francesco Enrico Speroni, MEP

4 April 2013

LETTERS TO MEPS

4 April 2013

LETTERS TO MEPS

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Letter from the ECB President to Mr Liêm Hoang Ngoc, MEP

15 March 2013

LETTERS TO MEPS

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Bank structural reform - Position of the Eurosystem on the Commission's consultation document

28 January 2013

OTHER PUBLICATION

Intra-euro area trade linkages and external adjustment

17 January 2013

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 1, 2013

Letter from the ECB President to Mr Sven Giegold, MEP

9 January 2013

LETTERS TO MEPS

Letter from the ECB President to Mr Crescenzio Rivellini, MEP

9 January 2013

LETTERS TO MEPS

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Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, MEP

4 December 2012

LETTERS TO MEPS

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4 December 2012

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Letter from the ECB Vice-President to Mr Mario Borghezio, MEP

23 November 2012

LETTERS TO MEPS

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Recent economic and financial developments in EU candidate countries

15 November 2012

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 11, 2012

Letter from the ECB President to Mr RareÅŸ-Lucian Niculescu, MEP

15 November 2012

LETTERS TO MEPS

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RomânăRO

15 November 2012

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Letter from the ECB President to Ms Niki Tzavela, MEP

7 November 2012

LETTERS TO MEPS

Letter from the ECB President to Mr Claudio Morganti, MEP

7 November 2012

LETTERS TO MEPS

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Letter from the ECB President to Mr Sven Giegold, MEP

7 November 2012

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Letter from the ECB President to Mr Lorenzo Fontana, MEP

7 November 2012

LETTERS TO MEPS

7 November 2012

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Letter from the ECB President to Mr Nuno Teixeira, MEP

2 August 2012

LETTERS TO MEPS

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Letter from the ECB President to Mr Roberts ZÄ«le, MEP

2 August 2012

LETTERS TO MEPS

The international role of the euro, July 2012

11 July 2012

THE INTERNATIONAL ROLE OF THE EURO

Second letter from the ECB President to Mr Mario Borghezio, MEP

11 July 2012: PRESS RELEASE
Review of the international role of the euro
English

4 July 2012

OTHER PUBLICATION

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Letter from the ECB President to Mr Mario Borghezio, MEP

4 July 2012

LETTERS TO MEPS

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Letter from the ECB President to Mr Ramon Tremosa-i-Balcells, MEP

14 June 2012

LETTERS TO MEPS

Letter from the ECB President to Mr. Giommaria Uggias, Mr. Gianni Vattimo, Mr. Andrea Zanoni, and Mr. Niccolò Rinaldi, MEP

14 June 2012

LETTERS TO MEPS

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Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament on the role of ISDA

11 June 2012

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Letter from the ECB President to Mr Oreste Rossi, Member of the European Parliament

24 May 2012

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Letter from the ECB President to Mr Francisco Sosa Wagner, Member of the European Parliament

24 April 2012

LETTERS TO MEPS

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Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament

24 April 2012

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Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament

24 April 2012

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Letter from the ECB President to Mr Giegold, Member of the European Parliament, on the two three-year longer-term refinancing operations (LTROs)

2 April 2012

LETTERS TO MEPS

Letter from the ECB President to Mr Chountis, Member of the European Parliament, on private sector participation in the restructuring of Greek debt

15 March 2012

LETTERS TO MEPS

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Letter from the ECB President to Mr Salavrakos, Member of the European Parliament, on the international role of the euro

5 March 2012

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Letter from the ECB President to Mr Salavrakos, Member of the European Parliament, on the use of €200 and €500 banknotes

5 March 2012

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Letter from the ECB President to Mr Giegold, Member of the European Parliament

23 February 2012

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Letter from the ECB President to Mr Wagner, Member of the European Parliament

23 February 2012

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Letter from the ECB President to Mr Rivellini and Mr Salatto, Members of the European Parliament

23 February 2012

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Letter from the ECB President to Mr Tremosa-i-Balcells, Member of the European Parliament

23 February 2012

LETTERS TO MEPS

Letter from the ECB President to Ms Marisa Matias and Mr Miguel Portas, Members of the European Parliament

27 January 2012

LETTERS TO MEPS

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Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament

18 January 2012

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Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament

2 January 2012

LETTERS TO MEPS

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Letter from the ECB President to Mr Francisco Sosa Wagner, Member of the European Parliament

2 January 2012

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Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament

20 December 2011

LETTERS TO MEPS

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Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament

20 December 2011

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Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, Member of the European Parliament

9 December 2011

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Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament

20 October 2011

LETTERS TO MEPS

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Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament

19 October 2011

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Letter from the ECB President to Mr Ioannis A. Tsoukalas, Member of the European Parliament

5 August 2011

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Letter from the ECB President to Mr. Nuno Teixeira, Member of the European Parliament, regarding the exchange rate of the euro

3 August 2011

LETTERS TO MEPS

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The international role of the euro, July 2011

22 July 2011

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, relating to monetary policy and questions on inflation

22 July 2011: PRESS RELEASE
Review of the international role of the euro
English

5 July 2011

LETTERS TO MEPS

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Letter from the ECB President to Ms Marine Le Pen, Member of the European Parliament

21 June 2011

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BIS triennial survey 2010 - euro area data

16 June 2011

OTHER PUBLICATION

Letter from the ECB President to Mr Mário David, Member of the European Parliament

10 June 2011

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Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament

10 June 2011

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The external representation of the EU and EMU

12 May 2011

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 5, 2011

Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament

3 May 2011

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Letter from the ECB President to Mr Nuno Teixeira, Member of the European Parliament

19 April 2011

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Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, Member of the European Parliament

19 April 2011

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Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, concerning questions on transfers to the European Central Bank

4 March 2011

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Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament, regarding questions on the international monetary system

17 February 2011

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Contribution of the Eurosystem to the public consultation of the European Commission on the communication "Towards a Single Market Act"

14 February 2011

OTHER PUBLICATION

Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament, regarding questions on the position of the European Central Bank regarding the Balz report in the European Parliament on the ECB’s Annual Report 2009

10 February 2011

LETTERS TO MEPS

Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament, regarding questions on the public debt of Member States of the European Union

21 January 2011

LETTERS TO MEPS

Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament, regarding questions relating to a repayment extension for loans to Greece

19 January 2011

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Letter from the ECB President to Mr Diogo Feio, Member of the European Parliament, regarding questions on the visit of a European Central Bank official to Portugal

19 January 2011

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Letter from the ECB President to Mr Nick Griffin, Member of the European Parliament, regarding questions on the printing of former currencies by euro area countries

17 January 2011

LETTERS TO MEPS

Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament, regarding a question on the assumption by the Portuguese state of the financial liabilities of Banco Português de Negócios

14 January 2011

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Letter from the ECB President to Mr Crescenzio Rivellini, Member of the European Parliament, regarding questions related to the European economic strategy regarding China’s monetary policy

8 December 2010

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Letter from the ECB President to Mr Diogo Feio, Member of the European Parliament, regarding press reports pertaining to Greece.

2 December 2010

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The effectiveness of euro area fiscal policies

15 July 2010

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 7, 2010

The international role of the euro, July 2010

14 July 2010

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Mr Ioannis A. Tsoukalas, Member of the European Parliament, on questions related to the Greek crisis

14 July 2010: PRESS RELEASE
Review of the international role of the euro
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7 July 2010

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Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, regarding questions related to the governance of the euro area

28 June 2010

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Letter from the ECB President to the President of the European Council, Mr. Herman Van Rompuy, presenting the ECB's Governing Council proposals for reinforcing economic governance in the euro area

17 June 2010

LETTERS TO MEPS

Reinforcing economic governance in the euro area

17 June 2010

OTHER PUBLICATION

Letter from the ECB President to Mr Paulo Rangel, Member of the European Parliament, regarding structural reforms

21 May 2010

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Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament, regarding credit rating agencies

24 March 2010

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Letter from the ECB President to Mr. Nuno Melo, Member of the European Parliament, concerning the increase in the capital of Banco Português de Negócios (BPN)

16 March 2010

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Strenghtening macro and micro-prudential supervision in EU candidates and potential candidates

12 March 2010

OTHER PUBLICATION

Letter from the ECB President to Mr Diogo Feio, Member of the European Parliament, regarding the economic situation in Portugal

19 January 2010: PRESS RELEASE
ECB and the European Commission launch assistance programme on supervision for EU candidates
English

11 March 2010

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Letter from the ECB President to Mr. Nikolaos Chountis, Member of the European Parliament, related to the income of Mr. Provopoulos, Governor of the Bank of Greece

18 February 2010

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Letter from the ECB President to Mr. Nuno Melo, Member of the European Parliament, concerning the increase in the capital of Banco Português de Negócios (BPN)

2 February 2010

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The ECB's relations with European Union institutions and bodies - trends and prospects

21 January 2010

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 1, 2010

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14 January 2010

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Contribution of the Eurosystem to the public consultation of the European Commission on the future “EU 2020” strategy

Letter from the ECB President to Mr. Jim Higgins, Member of the European Parliament, concerning the ECB's considerations on issuing a €30 banknote

22 October 2009

LETTERS TO MEPS

Letter from the ECB President to Mr. Jim Higgins, Member of the European Parliament, concerning consumer protection and banking practices in Spain

16 October 2009

LETTERS TO MEPS

The international role of the euro, July 2009

8 July 2009

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament

8 July 2009: PRESS RELEASE
Review of the international role of the euro
English

15 May 2009

LETTERS TO MEPS

Five years of EU membership

14 May 2009

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 5, 2009

Letter from the ECB President to Mr Eoin Ryan, Member of the European Parliament, concerning the recent widening of spreads between euro area government bond yields

26 March 2009

LETTERS TO MEPS

Letter from the ECB President to Mr Manolis Mavrommatis, Member of the European Parliament, regarding the issuance of low denomination euro banknotes

16 March 2009

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Letter from the ECB President to Mr José Ribeiro e Castro, Member of the European Parliament

12 March 2009

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Letter from the ECB President to Mr Dimitrios Papadimoulis, Member of the European Parliament

12 March 2009

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Assessing global trends in protectionism

12 February 2009

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 2, 2009

Letter from the ECB President to Mr. Robert Sturdy, Member of the European Parliament

28 January 2009

LETTERS TO MEPS

Article from Monthly Bulletin January 2009. Foreign asset accumulation by authorities in emerging markets

22 January 2009

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 1, 2009

Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament

28 October 2008

LETTERS TO MEPS

Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament

28 October 2008

LETTERS TO MEPS

Letter from the ECB President to Mr Dimitrios Papadimoulis, Member of the European Parliament

15 July 2008

LETTERS TO MEPS

Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament

15 July 2008

LETTERS TO MEPS

The Eurosystem as a provider of technical assistance to EU neighbouring regions

10 July 2008

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 7, 2008

Euro area trade in services: some key stylised facts

10 July 2008

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 7, 2008

The international role of the euro, July 2008

9 July 2008

THE INTERNATIONAL ROLE OF THE EURO

Memorandum of Understanding on Co-operation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the EU on Cross-Border Financial Stability

9 July 2008: PRESS RELEASE
Review of the international role of the euro
English

20 June 2008

OTHER PUBLICATION

20 June 2008

OTHER PUBLICATION

Research Bulletin No:7

Letter from the ECB's President to the President of the Council of the European Union on the clarification of the institutional status of the ECB

9 August 2007

LETTERS TO MEPS

Review of the international role of the euro, June 2007

25 June 2007

THE INTERNATIONAL ROLE OF THE EURO

Migrant remittances to regions neighbouring the EU

25 June 2007: PRESS RELEASE
Review of the international role of the euro
English

15 February 2007

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 2, 2007

Letter from the ECB President to Ms Pervenche Berès Chairwoman of the Committee on Economic and Monetary Affairs, European Parliament

30 January 2007

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Letter from the ECB President to Mr Jean-Marie Cavada, Chairman of the Committee on Civil Liberties, Justice and Home Affairs, European Parliament

30 January 2007

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Putting China's economic expansion in perspective

18 January 2007

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 1, 2007

Review of the international role of the euro, December 2005

21 December 2005

THE INTERNATIONAL ROLE OF THE EURO

Green paper on the enhancement of the EU framework for investment funds. Eurosystem contribution to the Commission's public consultation

21 December 2005: PRESS RELEASE
Review of the international role of the euro
English

17 November 2005

OTHER PUBLICATION

Economic and financial relations between the euro area and Russia

10 November 2005

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 11, 2005

The role of "emerging Asia" in the global economy

11 August 2005

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 8, 2005

Letter from the ECB President to Mr Nikolaos Vakalis, Member of the European Parliament

13 June 2005

LETTERS TO MEPS

Regional economic integration in a global framework

25 May 2005

OTHER PUBLICATION

Letter from the ECB President to the Chairman of the International Accounting Standards Board of 13 April 2005: In support of the current proposal to amendments to IAS 39 - The fair value option

25 May 2005: PRESS RELEASE
Book published on "Regional economic integration in a global framework" - Proceedings of the G20 Workshop held in Beijing, 22-23 September 2004
English

14 April 2005

LETTERS TO MEPS

Financial flows to emerging market economies: Changing patterns and recent developments

20 January 2005

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 1, 2005

Review of the international role of the euro, January 2005

7 January 2005

THE INTERNATIONAL ROLE OF THE EURO

Letter from the ECB President to Mr Paolo Cirino Pomicino, Member of the Committee on Economic and Monetary Affairs

7 January 2005: PRESS RELEASE
Review of the international role of the euro
English

29 November 2004

LETTERS TO MEPS

Letter from the ECB President to the President of the European Parliament

26 November 2004

LETTERS TO MEPS

Economic integration in selected regions outside the European Union

14 October 2004

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 10, 2004

Letter from the ECB President to the Chairman of International Accounting Standards Board of 6 September 2004: Exposure Draft of proposed amendments to IAS 39 - The fair value option

13 September 2004

LETTERS TO MEPS

Letter from the ECB President to the President of the Council of the European Union: Negotiations on the draft Treaty establishing a Constitution for Europe

27 April 2004

LETTERS TO MEPS

Payment and securities settlement systems in the accession countries - Addendum incorporating 2002 figures (Blue Book, April 2004)

15 April 2004

OTHER PUBLICATION

Payment and securities settlement systems in the European Union - Addendum incorporating 2002 figures (Blue Book, April 2004)

15 April 2004: PRESS RELEASE
Payment and securities settlement systems in the European Union and in the accession countries - addenda incorporating 2002 figures
English

15 April 2004

OTHER PUBLICATION

The Barcelona partner countries and their relations with the euro area

15 April 2004: PRESS RELEASE
Payment and securities settlement systems in the European Union and in the accession countries - addenda incorporating 2002 figures
English

13 April 2004

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 4, 2004

The acceding countries' economies on the threshold of the European Union

12 February 2004

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 2, 2004

Policy position of the Governing Council of the European Central Bank on exchange rate issues relating to the acceding countries

18 December 2003

OTHER PUBLICATION

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18 December 2003: PRESS RELEASE
Policy position of the Governing Council of the European Central Bank on exchange rate issues relating to the acceding countries
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ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT SlovenčinaSK SlovenščinaSL SvenskaSV

17 December 2003

THE INTERNATIONAL ROLE OF THE EURO

Review of the international role of the euro, December 2003

The international role of the euro: main developments since the inception of Stage Three of Economic and Monetary Union

17 December 2003: PRESS RELEASE
2003 review of the international role of the euro
English

13 November 2003

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 11, 2003

Crisis resolution in emerging market economies - challenges for the international community

13 November 2003

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 11, 2003

Bond markets and long-term interest rates in European Union accession countries / 2003 edition

6 October 2003

OTHER PUBLICATION

Letter from the ECB President to the President of the Council of the European Union regarding the Opinion of the ECB of 19 September 2003 at the request of the Council of the European Union on the draft Treaty establishing a Constitution for Europe

6 October 2003: PRESS RELEASE
Bond markets and long-term interest rates in EU accession countries - second edition
English

22 September 2003

LETTERS TO MEPS

Letter from the ECB President to the President of the Convention regarding the draft Constitutional Treaty

5 June 2003

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Accession countries: balance of payments/international investment position statistical methods

12 December 2003: ANNEX
Annex
English

12 May 2003

OTHER PUBLICATION

Letter from the ECB President to the President of the Convention regarding the draft Constitutional Treaty

12 May 2003: PRESS RELEASE
Manual "Accession countries: balance of payments/international investment position statistical methods"
English

8 May 2003

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Money, Banking and Financial Market Statistics in the Accession Countries, volume II

12 December 2003: ANNEX
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English

5 May 2003

OTHER PUBLICATION

Money, Banking and Financial Market Statistics in the Accession Countries, volume I

6 May 2003: PRESS RELEASE
Publication of the methodological manual on money, banking and financial market statistics in the accession countries
English

5 May 2003

OTHER PUBLICATION

Exchange rate regimes for emerging market economies

6 May 2003: PRESS RELEASE
Publication of the methodological manual on money, banking and financial market statistics in the accession countries
English

13 February 2003

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 2, 2003

Review of the international role of the euro, December 2002

19 December 2002

THE INTERNATIONAL ROLE OF THE EURO

Payment and securities settlement systems in accession countries

2 December 2002: PRESS RELEASE
2002 Review of the international role of the euro
English

30 August 2002

OTHER PUBLICATION

Financial Sectors in EU Accession Countries

12 December 2003: ANNEX
csv data
English

30 August 2002: PRESS RELEASE
Publication of the second edition of the accession country Blue Book
English

25 August 2002

OTHER PUBLICATION

The Eurosystem’s dialogue with EU accession countries

11 July 2002

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 7, 2002

Bond markets and long-term interest rates in European Union accession countries

10 June 2002

OTHER PUBLICATION

Accession countries: balance of payments/international investment position statistical methods

15 February 2002

OTHER PUBLICATION

Recent developments in international co-operation

14 February 2002

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 2, 2002

Review of the international role of the euro, September 2001

26 September 2001

THE INTERNATIONAL ROLE OF THE EURO

Money and banking statistics in the accession countries: methodological manual

30 April 2001

OTHER PUBLICATION

The ECB's relations with international organisations and fora

11 January 2001

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 1, 2001

The ECB’s relations with institutions and bodies of the European Community

12 October 2000

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 10, 2000

Payment systems in countries that have applied for membership of the European Union (Blue Book)

30 August 1999

OTHER PUBLICATION

The international role of the euro

31 August 1999: PRESS RELEASE
Publication of the Blue book on EU accession countries
English

17 August 1999

ECONOMIC BULLETIN - ARTICLE

Economic Bulletin Issue 8, 1999