Възможности за търсене
Home Медии ЕЦБ обяснява Изследвания и публикации Статистика Парична политика Eврото Плащания и пазари Кариери
Предложения
Сортиране
Съдържанието не е налично на български език.

Publications on Payments & markets

28 July 2021
OTHER PUBLICATION
23 July 2021
OTHER PUBLICATION
21 July 2021
OTHER PUBLICATION
14 July 2021
OTHER PUBLICATION
14 July 2021
OTHER PUBLICATION
11 May 2021
OTHER PUBLICATION
3 May 2021
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 3, 2021
Details
Abstract
This article examines liquidity usage in TARGET2 – the real-time gross-settlement (RTGS) system owned and operated by the Eurosystem – and related developments over time. More specifically, it analyses the velocity at which liquidity circulates in the system and the interplay between the liquidity sources that participants use to fund their payment obligations. Growth in levels of central bank reserves has affected TARGET2 participants’ behaviour, giving lower incentives to recycle incoming liquidity, which is reflected in decreased liquidity velocity and an increased use of the central bank reserves on the account balance to fund outgoing payments. Interest rates are also found to affect the behaviour of TARGET2 participants. Moreover, it is shown that liquidity usage varies significantly across participants and countries. A bank-level panel analysis quantifies the impact of specific TARGET2 participant features and monetary policy decisions on liquidity usage in TARGET2.
JEL Code
G10 : Financial Economics→General Financial Markets→General
G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
23 April 2021
OTHER PUBLICATION
14 April 2021
OTHER PUBLICATION
8 April 2021
EUROSYSTEM OVERSIGHT REPORT
19 March 2021
OTHER PUBLICATION
15 February 2021
OTHER PUBLICATION
15 February 2021
OTHER PUBLICATION
18 January 2021
OTHER PUBLICATION
2 December 2020
OTHER PUBLICATION
25 November 2020
FINANCIAL STABILITY REVIEW - BOX
Financial Stability Review Issue 2, 2020
Details
Abstract
Market participants have been slow in transitioning to the euro short-term rate (€STR) as the new reference rate in the overnight index swap (OIS) market. The OIS market segment is a potential source of alternative risk-free interest rates to serve as a fall-back for the euro interbank offered rate (EURIBOR), the benchmark term rate underlying loan and debt security pricing for euro area households and corporates. The euro overnight index average (EONIA) rate is due to cease in January 2022. But trading activity in €STR-referencing OISs, although constantly growing, has remained at very low levels compared with EONIA-referencing OISs. Moreover, EONIA OIS trades that mature after the transition deadline have continued to rise. Market participants are encouraged are encouraged to redouble their efforts to ensure sufficient technical preparedness to trade, price and account for €STR-based products and manage risk related to usage of the €STR.
JEL Code
G10 : Financial Economics→General Financial Markets→General
G12, G13 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
23 November 2020
OTHER PUBLICATION
23 November 2020
OTHER PUBLICATION
6 November 2020
OTHER PUBLICATION
2 October 2020
OTHER PUBLICATION
30 July 2020
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 5, 2020
Details
Abstract
This article analyses how liquidity is distributed across jurisdictions in TARGET2 – the payment system owned and operated by the Eurosystem – and the implications for payment settlement. It discusses TARGET2 participants’ reliance on intraday credit and the time of payment settlement, which are important aspects for the payment system operator. The article documents considerable heterogeneity across countries in liquidity holdings, concentration of liquidity among participants, usage of the intraday credit facility and time of settlement. A panel study across countries shows that larger holdings of liquidity are associated with a lower use of the credit line and an earlier time of settlement.
JEL Code
G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
30 July 2020
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 5, 2020
Details
Abstract
This box provides evidence on the positive impact of the Eurosystem’s US dollar-providing operations on the functioning of the EUR/USD foreign exchange (FX) swap market, using ECB Money Market and Statistical Reporting (MMSR) transaction data. In the context of high market volatility and risk aversion due to the coronavirus (COVID-19) pandemic, US dollar funding conditions tightened notably from the end of February 2020, when supply-demand imbalances led to a deterioration of liquidity conditions and eventually a surge in US dollar funding premia. The enhancement of the central bank swap lines on 18 March, by introducing a new 84-day US dollar operation in addition to the existing 7-day tender and lowering the price of all US dollar operations, brought significant relief to the short-term US dollar funding conditions. However, the relief was short-lived and it was only with the introduction of daily operations on 23 March that conditions improved in a sustainable manner and across all maturities, as uncertainty about US dollar availability abated. Once US dollar funding conditions started to normalise, the Eurosystem’s US dollar operations gradually lost their appeal, as seen in the significant drop in participation. This box shows that the Eurosystem’s US dollar operations not only helped banks to satisfy their immediate US dollar funding needs but also supported market activity, as banks participating in the US dollar operations became more willing to intermediate and passed funds borrowed from the Eurosystem on to other market participants. This in turn contributed to the normalisation of US dollar funding conditions and highlights an important transmission channel of the central bank swap lines.
JEL Code
D53, E4, E5, G1 : Microeconomics→General Equilibrium and Disequilibrium→Financial Markets
24 July 2020
OTHER PUBLICATION
16 June 2020
OTHER PUBLICATION
20 May 2020
TARGET ANNUAL REPORT
13 March 2020
OTHER PUBLICATION
13 March 2020
OTHER PUBLICATION
19 February 2020
OTHER PUBLICATION
4 December 2019
OTHER PUBLICATION
12 November 2019
OTHER PUBLICATION
7 November 2019
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 7, 2019
Details
Abstract
Box about the start of the overnight benchmark rate for euro, the €STR.
JEL Code
E430 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
6 November 2019
OTHER PUBLICATION
5 November 2019
OTHER PUBLICATION
17 October 2019
OTHER PUBLICATION
19 August 2019
OTHER PUBLICATION
1 August 2019
OTHER PUBLICATION
1 July 2019
OTHER PUBLICATION
27 May 2019
TARGET ANNUAL REPORT
17 April 2019
OTHER PUBLICATION
28 February 2019
OTHER PUBLICATION
21 January 2019
OTHER PUBLICATION
14 December 2018
OTHER PUBLICATION
26 September 2018
CARD FRAUD REPORT
17 September 2018
OTHER PUBLICATION
15 June 2018
OTHER PUBLICATION
30 May 2018
OTHER PUBLICATION
8 May 2018
TARGET ANNUAL REPORT
2 May 2018
OTHER PUBLICATION
27 March 2018
OTHER PUBLICATION
27 March 2018
OTHER PUBLICATION
26 March 2018
OTHER PUBLICATION
26 March 2018
OTHER PUBLICATION
24 November 2017
EUROSYSTEM OVERSIGHT REPORT
4 September 2017
OTHER PUBLICATION
22 May 2017
TARGET ANNUAL REPORT
11 May 2017
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 3, 2017
28 February 2017
OTHER PUBLICATION
2 January 2017
OTHER PUBLICATION
2 January 2017
OTHER PUBLICATION
29 July 2016
OTHER PUBLICATION
15 July 2016
OTHER PUBLICATION
30 June 2016
OTHER PUBLICATION
12 May 2016
TARGET ANNUAL REPORT
19 February 2016
OTHER PUBLICATION
29 January 2016
OTHER PUBLICATION
25 January 2016
OTHER PUBLICATION
25 January 2016
OTHER PUBLICATION
23 September 2015
OTHER PUBLICATION
23 September 2015
OTHER PUBLICATION
4 September 2015
OTHER PUBLICATION
25 August 2015
OTHER PUBLICATION
15 July 2015
CARD FRAUD REPORT
1 June 2015
TARGET ANNUAL REPORT
Annexes
2 June 2015
ANNEX
Related
21 May 2015
OTHER PUBLICATION
27 March 2015
OTHER PUBLICATION
2 March 2015
OTHER PUBLICATION
27 February 2015
EUROSYSTEM OVERSIGHT REPORT
25 February 2015
OTHER PUBLICATION
24 February 2015
OTHER PUBLICATION
1 January 2015
OTHER PUBLICATION
1 January 2015
OTHER PUBLICATION
18 November 2014
OTHER PUBLICATION
18 November 2014
OTHER PUBLICATION
20 October 2014
OTHER PUBLICATION
13 October 2014
OTHER PUBLICATION
13 October 2014
OTHER PUBLICATION
7 July 2014
OTHER PUBLICATION
7 July 2014
OTHER PUBLICATION
7 July 2014
OTHER PUBLICATION
30 May 2014
OTHER PUBLICATION
26 May 2014
OTHER PUBLICATION
English
OTHER LANGUAGES (1) +
Select your language
22 May 2014
TARGET ANNUAL REPORT
12 May 2014
OTHER PUBLICATION
29 April 2014
OTHER PUBLICATION
11 April 2014
OTHER PUBLICATION
18 March 2014
OTHER PUBLICATION
25 February 2014
CARD FRAUD REPORT
4 February 2014
OTHER PUBLICATION
6 January 2014
OTHER PUBLICATION
24 October 2013
OTHER PUBLICATION
Related
27 September 2013
OTHER PUBLICATION
16 July 2013
CARD FRAUD REPORT
Related
15 July 2013
OTHER PUBLICATION
24 May 2013
TARGET ANNUAL REPORT
9 May 2013
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 5, 2013
7 May 2013
OTHER PUBLICATION
8 April 2013
OTHER PUBLICATION
21 March 2013
OTHER PUBLICATION
11 February 2013
OTHER PUBLICATION
11 February 2013
OTHER PUBLICATION
31 January 2013
OTHER PUBLICATION
31 January 2013
OTHER PUBLICATION
31 January 2013
OTHER PUBLICATION
17 December 2012
OTHER PUBLICATION
29 November 2012
OTHER PUBLICATION
29 November 2012
OTHER PUBLICATION
29 October 2012
OTHER PUBLICATION
25 July 2012
CARD FRAUD REPORT
31 May 2012
TARGET ANNUAL REPORT
20 April 2012
OTHER PUBLICATION
19 April 2012
EUROSYSTEM OVERSIGHT REPORT
23 March 2012
OTHER PUBLICATION
19 January 2012
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 1, 2012
18 November 2011
OTHER PUBLICATION
14 November 2011
OTHER PUBLICATION
Related
4 November 2011
OTHER PUBLICATION
5 July 2011
OTHER PUBLICATION
19 May 2011
TARGET ANNUAL REPORT
12 April 2011
OTHER PUBLICATION
20 January 2011
OTHER PUBLICATION
22 October 2010
OTHER PUBLICATION
13 October 2010
OTHER PUBLICATION
13 October 2010
OTHER PUBLICATION
13 October 2010
OTHER PUBLICATION
13 October 2010
OTHER PUBLICATION
8 September 2010
OTHER PUBLICATION
6 September 2010
OTHER PUBLICATION
9 July 2010
OTHER PUBLICATION
18 May 2010
TARGET ANNUAL REPORT
23 April 2010
OTHER PUBLICATION
19 April 2010
OTHER PUBLICATION
27 January 2010
OTHER PUBLICATION
15 January 2010
OTHER PUBLICATION
30 December 2009
OTHER PUBLICATION
1 December 2009
OTHER PUBLICATION
12 November 2009
EUROSYSTEM OVERSIGHT REPORT
Related
6 November 2009
OTHER PUBLICATION
4 September 2009
OTHER PUBLICATION
3 September 2009
OTHER PUBLICATION
10 August 2009
OTHER PUBLICATION
10 August 2009
OTHER PUBLICATION
2 July 2009
OTHER PUBLICATION
23 June 2009
OTHER PUBLICATION
15 May 2009
OTHER PUBLICATION
15 May 2009
TARGET ANNUAL REPORT
27 March 2009
OTHER PUBLICATION
27 March 2009
OTHER PUBLICATION
20 February 2009
OTHER PUBLICATION
20 February 2009
OTHER PUBLICATION
30 December 2008
OTHER PUBLICATION
24 November 2008
OTHER PUBLICATION
20 November 2008
OTHER PUBLICATION
13 November 2008
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 11, 2008
4 September 2008
OTHER PUBLICATION
17 July 2008
OTHER PUBLICATION
11 July 2008
OTHER PUBLICATION
28 April 2008
TARGET ANNUAL REPORT
31 January 2008
OTHER PUBLICATION
11 January 2008
OTHER PUBLICATION
10 December 2007
OTHER PUBLICATION
29 October 2007
OTHER PUBLICATION
29 October 2007
OTHER PUBLICATION
29 October 2007
OTHER PUBLICATION
29 October 2007
OTHER PUBLICATION
Related
29 October 2007
PRESS RELEASE
26 October 2007
OTHER PUBLICATION
Related
14 August 2007
OTHER PUBLICATION
14 August 2007
OTHER PUBLICATION
24 July 2007
OTHER PUBLICATION
20 July 2007
OTHER PUBLICATION
10 July 2007
OTHER PUBLICATION
22 June 2007
OTHER PUBLICATION
Annexes
Related
11 May 2007
TARGET ANNUAL REPORT
8 March 2007
OTHER PUBLICATION
8 March 2007
OTHER PUBLICATION
8 March 2007
OTHER PUBLICATION
8 March 2007
OTHER PUBLICATION
8 March 2007
OTHER PUBLICATION
28 December 2006
OTHER PUBLICATION
22 December 2006
OTHER PUBLICATION
21 December 2006
OTHER PUBLICATION
20 November 2006
OTHER PUBLICATION
Related
20 November 2006
PRESS RELEASE
20 November 2006
OTHER PUBLICATION
13 November 2006
OTHER PUBLICATION
18 October 2006
OTHER PUBLICATION
16 October 2006
OTHER PUBLICATION
21 September 2006
OTHER PUBLICATION
10 August 2006
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 8, 2006
24 July 2006
OTHER PUBLICATION
Related
21 July 2006
PRESS RELEASE
9 June 2006
OTHER PUBLICATION
19 May 2006
TARGET ANNUAL REPORT
11 May 2006
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 5, 2006
6 March 2006
OTHER PUBLICATION
17 February 2006
OTHER PUBLICATION
21 October 2005
OTHER PUBLICATION
Related
21 October 2005
PRESS RELEASE
29 August 2005
OTHER PUBLICATION
22 August 2005
OTHER PUBLICATION
22 August 2005
OTHER PUBLICATION
19 August 2005
OTHER PUBLICATION
2 August 2005
OTHER PUBLICATION
21 June 2005
OTHER PUBLICATION
21 June 2005
OTHER PUBLICATION
25 May 2005
TARGET ANNUAL REPORT
17 May 2005
OTHER PUBLICATION
14 April 2005
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 4, 2005
28 February 2005
OTHER PUBLICATION
8 February 2005
OTHER PUBLICATION
2 December 2004
OTHER PUBLICATION
26 October 2004
OTHER PUBLICATION
22 October 2004
OTHER PUBLICATION
29 September 2004
OTHER PUBLICATION
29 September 2004
OTHER PUBLICATION
21 May 2004
OTHER PUBLICATION
12 May 2004
TARGET ANNUAL REPORT
10 May 2004
OTHER PUBLICATION
22 April 2004
OTHER PUBLICATION
15 April 2004
OTHER PUBLICATION
15 April 2004
OTHER PUBLICATION
13 April 2004
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 4, 2004
28 January 2004
OTHER PUBLICATION
29 November 2003
OTHER PUBLICATION
29 November 2003
OTHER PUBLICATION
30 September 2003
OTHER PUBLICATION
6 September 2003
OTHER PUBLICATION
9 July 2003
OTHER PUBLICATION
26 June 2003
OTHER PUBLICATION
26 June 2003
OTHER PUBLICATION
23 May 2003
OTHER PUBLICATION
15 May 2003
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 5, 2003
20 April 2003
TARGET ANNUAL REPORT
Related
14 April 2003
PRESS RELEASE
15 April 2003
OTHER PUBLICATION
23 January 2003
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 1, 2003
30 August 2002
OTHER PUBLICATION
Annexes
12 December 2003
ANNEX
Related
20 July 2002
OTHER PUBLICATION
24 June 2002
OTHER PUBLICATION
22 June 2002
OTHER PUBLICATION
21 June 2002
OTHER PUBLICATION
19 June 2002
OTHER PUBLICATION
20 April 2002
TARGET ANNUAL REPORT
11 April 2002
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 4, 2002
30 November 2001
OTHER PUBLICATION
27 September 2001
OTHER PUBLICATION
9 August 2001
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 8, 2001
30 June 2001
OTHER PUBLICATION
30 May 2001
TARGET ANNUAL REPORT
Related
15 May 2001
PRESS RELEASE
8 February 2001
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 2, 2001
20 September 2000
OTHER PUBLICATION
14 September 2000
OTHER PUBLICATION
21 June 2000
OTHER PUBLICATION
21 March 2000
OTHER PUBLICATION
29 February 2000
OTHER PUBLICATION
Related
29 February 2000
PRESS RELEASE
10 February 2000
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 2, 2000
29 November 1999
OTHER PUBLICATION
11 November 1999
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 11, 1999
30 September 1999
OTHER PUBLICATION
25 September 1999
OTHER PUBLICATION
30 August 1999
OTHER PUBLICATION
20 January 1999
OTHER PUBLICATION
30 November 1998
OTHER PUBLICATION
Related
25 September 1998
OTHER PUBLICATION
16 September 1998
OTHER PUBLICATION
15 August 1998
OTHER PUBLICATION
Related
31 August 1998
PRESS RELEASE
16 July 1998
OTHER PUBLICATION
1 January 1998
OTHER PUBLICATION
1 January 1997
OTHER PUBLICATION
1 January 1995
OTHER PUBLICATION
English
OTHER LANGUAGES (1) +
Select your language
1 May 1994
OTHER PUBLICATION
English
OTHER LANGUAGES (1) +
Select your language
1 May 1994
OTHER PUBLICATION
1 September 1992
OTHER PUBLICATION

Всички страници в този раздел