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Publications published in 2012

27/12/2012
Working paper no. 1503: Cost of borrowing shocks and fiscal adjustment
17/12/2012
Euro money market study 2012 [online only] Press release:
17/12/2012
Research Bulletin No. 17 [online only]
14/12/2012
Financial Stability Review Press release:
13/12/2012
Statistics Pocket Book, December 2012
13/12/2012
Monthly Bulletin, December 2012
13/12/2012
Working paper no. 1502: Do firms use the trade credit channel to manage growth?
13/12/2012
Working paper no. 1501: Explaining EU citizens’ trust in the ECB in normal and crisis times Published in: Scandinavian Journal of Economics, Vol 115, 2013: pp 781–807.
13/12/2012
Focus: Forecasts by other institutions Monthly Bulletin Issue 12, 2012
13/12/2012
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies Monthly Bulletin Issue 12, 2012
13/12/2012
Focus: The role of fiscal multipliers in the current consolidation debate Monthly Bulletin Issue 12, 2012
13/12/2012
Focus: Recent euro area labour market developments in a historical context Monthly Bulletin Issue 12, 2012
13/12/2012
Focus: Liquidity conditions and monetary policy operations in the period from 8 August to 13 November 2012 Monthly Bulletin Issue 12, 2012
13/12/2012
Focus: Developments in the financial account of the euro area balance of payments until September 2012 Monthly Bulletin Issue 12, 2012
13/12/2012
Focus: Banks' funding conditions and the financing of non-financial private sectors in the euro area Monthly Bulletin Issue 12, 2012
13/12/2012
Focus: Global trade: recent developments and short-term outlook Monthly Bulletin Issue 12, 2012
07/12/2012
Occasional paper no. 139: Competitiveness and external imbalances within the euro area
06/12/2012
Eurosystem staff macroeconomic projections for the euro area [online only]
04/12/2012
Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, MEP
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[online only]
04/12/2012
Letter from the ECB President to Mr Nuno Melo, MEP
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[online only]
03/12/2012
Working paper no. 1500: Nonlinear liquidity adjustments in the euro area overnight money market Published in: Journal of Financial Intermediation, Vol 22(2), April 2013: pp 259-284, as: "Central bank reserves and interbank market liquidity in the euro area"
29/11/2012
Summary of the outcome of the public consultation on the oversight expectations for links between retail payment systems [online only] Press release:
29/11/2012
Oversight expectations for links between retail payment systems [online only] Press release:
28/11/2012
Working paper no. 1499: Risk, capital buffer and bank lending: a granular approach to the adjustment of euro area banks Published in: Journal of Business, Finance and Economics, May 2015
28/11/2012
Working paper no. 1498: Heterogeneity and cross-country spillovers in macroeconomic-financial linkages
28/11/2012
Institutional provisions. Statute of the ESCB and of the ECB. Rules of procedure [online only]
23/11/2012
Letter from the ECB Vice-President to Mr Mario Borghezio, MEP
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[online only]
21/11/2012
Working paper no. 1497: Bank capital and liquidity creation: Granger-causality evidence Published in: Journal of Financial Services Research, Vol 45, 2014, Issue 3, pp 341-361
21/11/2012
Working paper no. 1496: The ECB and the interbank market Published in: The Economic Journal, Vol 122, 2012: F467–F486.
17/11/2012
Working paper no. 1495: Bubbles, banks and financial stability
16/11/2012
Working paper no. 232: Bubbles, banks and financial stability
16/11/2012
Working paper no. 1494: Prior selection for vector autoregressions Published in: Review of Economics and Statistics (forthcoming)
16/11/2012
Working paper no. 1493: An alternative method for identifying booms and busts in the euro area housing market
16/11/2012
Working paper no. 1492: Bayesian analysis of recursive SVAR models with overidentifying restrictions
15/11/2012
Statistics Pocket Book, November 2012
15/11/2012
Monthly Bulletin, November 2012
15/11/2012
Focus: Results of the ECB survey of professional forecasters for the fourth quarter of 2012 Monthly Bulletin Issue 11, 2012
15/11/2012
Focus: Recent house price developments in the euro area Monthly Bulletin Issue 11, 2012
15/11/2012
Focus: Flash estimates for the main components of the euro area HICP Monthly Bulletin Issue 11, 2012
15/11/2012
Focus: Integrated euro area accounts for the second quarter of 2012 Monthly Bulletin Issue 11, 2012
15/11/2012
Focus: Survey on the access to finance of small and medium-sized enterprises in the euro area: April to September 2012 Monthly Bulletin Issue 11, 2012
15/11/2012
Focus: Cross-country heterogeneity in MFI interest rates on loans to non-financial corporations in the euro area Monthly Bulletin Issue 11, 2012
15/11/2012
Focus: The results of the euro area bank lending survey for the third quarter of 2012 Monthly Bulletin Issue 11, 2012
15/11/2012
Letter from the ECB President to Mr RareÅŸ-Lucian Niculescu, MEP
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[online only]
15/11/2012
Letter from the ECB President to Mr Nuno Melo, MEP
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[online only]
15/11/2012
Article: Recent economic and financial developments in EU candidate countries Monthly Bulletin Issue 11, 2012
15/11/2012
Article: Inflation differentials in the euro area during the last decade Monthly Bulletin Issue 11, 2012
14/11/2012
European Commission's public consultation on the regulation of indices - Eurosystem's response [online only]
12/11/2012
Working paper no. 1491: Trade openness reduces growth volatility when countries are well diversified Published in: Canadian Journal of Economics, Vol 46 (2), 2013: pp 765-790
07/11/2012
Letter from the ECB President to Ms Niki Tzavela, MEP [online only]
07/11/2012
Letter from the ECB President to Mr Claudio Morganti, MEP
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[online only]
07/11/2012
Letter from the ECB President to Mr Sven Giegold, MEP
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[online only]
07/11/2012
Letter from the ECB President to Mr Lorenzo Fontana, MEP [online only]
07/11/2012
Letter from the ECB President to Mr Nuno Melo, MEP
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[online only]
05/11/2012
Working paper no. 1490: A model of borrower reputation as intangible collateral
05/11/2012
Working paper no. 1489: The business cycle implications of banks' maturity transformation
05/11/2012
Working paper no. 1488: When the cat's away the mice will play: does regulation at home affect bank risk taking abroad? Published in: Journal of Financial Economics, Vol 108 (3), 2013: pp 727-750
02/11/2012
Survey on the access to finance of small and medium-sized enterprises in the euro area, April to September 2012 [online only] Press release:
31/10/2012
Occasional paper no. 138: Euro area labour markets and the crisis
30/10/2012
Working paper no. 1487: Asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics
30/10/2012
Report on the first two years of the Macro-Prudential Research Network [online only] Press release:
29/10/2012
Virtual currency schemes [online only]
22/10/2012
Working paper no. 1486: Leading indicators of crisis incidence: evidence from developed countries Published in: Journal of International Money and Finance, Vol 35, June 2013: pp 1-19.
19/10/2012
Working paper no. 1485: Banking, debt and currency crises: early warning indicators for developed countries Published in: Journal of Financial Stability, Vol 15, 2014, pp 1-17 Crises database: en
18/10/2012
Working paper no. 1484: Bank ratings: what determines their quality? Published in: Economic Policy, Vol 28 (74), 2013: pp 289-333
11/10/2012
Statistics Pocket Book, October 2012
11/10/2012
Monthly Bulletin, October 2012
11/10/2012
Focus: Stock prices and economic growth Monthly Bulletin Issue 10, 2012
11/10/2012
Focus: Recent developments in consumer prices for oil products Monthly Bulletin Issue 10, 2012
11/10/2012
Focus: The impact of very low interest rates on monetary dynamics Monthly Bulletin Issue 10, 2012
11/10/2012
Focus: Developments in the housing market in China Monthly Bulletin Issue 10, 2012
11/10/2012
Focus: Compliance of outright monetary transactions with the prohibition on monetary financing Monthly Bulletin Issue 10, 2012
11/10/2012
Article: Euro area labour markets and the crisis Monthly Bulletin Issue 10, 2012
11/10/2012
Article: Global liquidity: concepts, measurements and implications from a monetary policy perspective Monthly Bulletin Issue 10, 2012
08/10/2012
Structural Issues Report: Euro area labour markets and the crisis [online only] Press release:
05/10/2012
Working paper no. 1483: Gauging the effects of fiscal stimulus packages in the euro area Published in: Journal of Economic Dynamics and Control, Vol 37 (2), 2013: pp 367-386.
02/10/2012
Working paper no. 1482: Optimism bias? The elasticity puzzle in international economics revisited
01/10/2012
Working paper no. 1481: Clearing, counterparty risk and aggregate risk Published in: IMF Economic Review, Vol 60(2), 2012: pp 193-222
01/10/2012
Working paper no. 1480: Interdependence and contagion in global asset markets Published in: Review of International Economics, Vol 22, 2014, Issue 4, pp. 639-659
01/10/2012
Working paper no. 1479: Macroeconomic uncertainty and the impact of oil shocks
01/10/2012
Working paper no. 1478: Dual liquidity crises under alternative monetary frameworks: a financial accounts perspective Published in: Review of International Economics, Vol 21(1), 2013: pp 151–163.
01/10/2012
Occasional paper no. 137: The social and private costs of retail payment instruments: a European perspective
28/09/2012
Occasional paper no. 136: Financial stability challenges for EU acceding and candidate countries: making financial systems more resilient in a challenging environment
28/09/2012
Euro Money Market Survey 2012 [online only] Press release:
24/09/2012
Working paper no. 1477: Central bank communication on fiscal policy
24/09/2012
Working paper no. 1476: Aging and pension reform: extending the retirement age and human capital formation
24/09/2012
Working paper no. 1475: Information flows and disagreement
24/09/2012
Working paper no. 1474: Dissecting saving dynamics: measuring wealth, precautionary and credit effects
24/09/2012
Working paper no. 1473: Was unofficial dollarisation/euroisation an amplifier of the 'Great Recession' of 2007-09 in emerging economies Published in: Comparative Economic Studies, Vol 55, 2013: pp 233–265.
24/09/2012
Working paper no. 1472: Fiscal sustainability using growth-maximising debt targets Published in: Applied Economics, Vol 46 (6): 2014
21/09/2012
Working paper no. 1471: Feedback to the ECB's monetary analysis: the Bank of Russia's experience with some key tools
21/09/2012
Working paper no. 1470: Optimal portfolio choice with predictability in house prices and transaction costs
19/09/2012
Working paper no. 1469: Loan supply shocks and the business cycle
18/09/2012
Working paper no. 1468: Modelling the time varying determinants of portfolio flows to emerging markets
18/09/2012
Working paper no. 1467: The interplay of economic reforms and monetary policy: the case of the euro area Published in: Journal of Common Market Studies, Vol 50(6): pp 881-898.
17/09/2012
Working paper no. 1466: History, gravity and international finance
13/09/2012
Monthly Bulletin, September 2012
13/09/2012
Statistics Pocket Book, September 2012
13/09/2012
Focus: The sustainability of government debt in Spain and Italy Monthly Bulletin Issue 9, 2012
13/09/2012
Focus: ECB staff macroeconomic projections for the euro area Monthly Bulletin Issue 9, 2012
13/09/2012
Focus: Recent developments in food commodity prices and their implications for consumer food prices in the euro area Monthly Bulletin Issue 9, 2012
13/09/2012
Focus: Liquidity conditions and monetary policy operations in the period from 9 May to 7 August 2012 Monthly Bulletin Issue 9, 2012
13/09/2012
Focus: Developments in the financial account of the euro area balance of payments until June 2012 Monthly Bulletin Issue 9, 2012
13/09/2012
Focus: The adjustment of monetary statistics for repurchase agreement transactions with central counterparties Monthly Bulletin Issue 9, 2012
13/09/2012
Focus: Economic implications of the fiscal restraint in the United States in 2013 Monthly Bulletin Issue 9, 2012
13/09/2012
Focus: Monetary policy measures decided by the Governing Council on 6 September 2012 Monthly Bulletin Issue 9, 2012
06/09/2012
ECB staff macroeconomic projections for the euro area [online only]
29/08/2012
Working paper no. 1465: Revisiting fiscal sustainability: panel cointegration and structural breaks in OECD countries
29/08/2012
Working paper no. 1464: An MVAR framework to capture extreme events in macro-prudential stress tests Published in: The Journal of Risk Model Validation, December 2013 (forthcoming)
21/08/2012
Working paper no. 1463: Macroeconomic implications of time-varying risk premia
21/08/2012
Working paper no. 1462: A global perspective on inflation and propagation channels
21/08/2012
Working paper no. 1461: House price responsiveness of housing investments across major European economies
17/08/2012
Occasional paper no. 135: The use of the Eurosystem's monetary policy instruments and operational framework since 2009
15/08/2012
Working paper no. 1460: Financial structures and the real effects of credit-supply shocks in Denmark 1922-2011
15/08/2012
Working paper no. 1459: Dynamic factor models with macro, frailty and industry effects for US default counts: the credit crisis of 2008 Published in: Journal of Business and Economic Statistics, Vol 30 (4), 2012: pp 521-532
15/08/2012
Working paper no. 1458: Business cycles, monetary transmission and shocks to financial stability: empirical evidence from a new set of Danish quarterly national accounts 1948-2010
15/08/2012
Working paper no. 1457: Excessive bank risk taking and monetary policy
10/08/2012
Working paper no. 1456: Bubble thy neighbor: portfolio effects and externalities from capital controls
10/08/2012
Working paper no. 1455: Survey-based nowcasting of US growth: a real-time forecast comparison over more than 40 years
09/08/2012
Statistics Pocket Book, August 2012
09/08/2012
Monthly Bulletin, August 2012
09/08/2012
Focus: Adjustment processes within the euro area: developments in Ireland, Greece, Spain, Cyprus and Portugal Monthly Bulletin Issue 8, 2012
09/08/2012
Focus: Results of the ECB survey of professional forecasters for the third quarter of 2012 Monthly Bulletin Issue 8, 2012
09/08/2012
Focus: Integrated euro area accounts for the first quarter of 2012 Monthly Bulletin Issue 8, 2012
09/08/2012
Focus: The results of the euro area bank lending survey for the second quarter of 2012 Monthly Bulletin Issue 8, 2012
09/08/2012
Focus: Recent developments in oil prices Monthly Bulletin Issue 8, 2012
09/08/2012
Article: Assessing the financial conditions of the euro area private sector during the sovereign debt crisis Monthly Bulletin Issue 8, 2012
09/08/2012
Article: Heterogeneity in euro area financial conditions and policy implications Monthly Bulletin Issue 8, 2012
08/08/2012
Indicators of market segmentation - media request following the ECB press conference on 2 August 2012 Press conference
03/08/2012
Central bank statistics as a servant of two separate mandates – price stability and mitigation of systemic risk Sixth ECB conference on statistics, 17 and 18 April 2012 Press release:
03/08/2012
2012 update of the ECB’s environmental statement
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[online only] Press release:
02/08/2012
Letter from the ECB President to Mr Nuno Teixeira, MEP
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[online only]
02/08/2012
Letter from the ECB President to Mr Roberts ZÄ«le, MEP [online only]
26/07/2012
Working paper no. 1454: Asset pricing and housing supply in a production economy Published in: B.E. Journal of Macroeconomics, Vol 11 (1), 2011: pp 1-38
25/07/2012
Report on card fraud [online only] Press release:
19/07/2012
Research Bulletin No. 16 [online only]
12/07/2012
Statistics Pocket Book, July 2012
12/07/2012
Monthly Bulletin, July 2012
12/07/2012
Focus: Fiscal challenges from population ageing: new evidence for the euro area Monthly Bulletin Issue 7, 2012
12/07/2012
Focus: Recent developments in the Okun relationship in the euro area Monthly Bulletin Issue 7, 2012
12/07/2012
Focus: Recent developments in the euro area construction industry Monthly Bulletin Issue 7, 2012
12/07/2012
Focus: How does the current recovery in selected advanced economies compare with an average recovery? Monthly Bulletin Issue 7, 2012
12/07/2012
Article: Assessing the anchoring of longer-term inflation expectations Monthly Bulletin Issue 7, 2012
12/07/2012
Article: Monetary and fiscal policy interactions in a monetary union Monthly Bulletin Issue 7, 2012
11/07/2012
Working paper no. 1453: Large shocks in menu cost models
11/07/2012
Working paper no. 1452: Household leverage
11/07/2012
Working paper no. 1451: Financial markets and international risk sharing in emerging market economics Published in: International Journal of Finance and Economics (forthcoming)
11/07/2012
Working paper no. 1450: Debt and growth: new evidence for the euro area Published in: Journal of International Money and Finance, Vol 32, 2013: pp 809–821.
11/07/2012
Working paper no. 1449: Monetary and macroprudential policies
11/07/2012
Working paper no. 1448: Anticipation of future consumption: a monetary perspective Published in: Journal of Money, Credit and Banking, Vol 45 (2-3), 2013: pp 423-477
11/07/2012
Working paper no. 1447: Sometimes it helps: the evolving predictive power of spreads on GDP dynamics
11/07/2012
Working paper no. 1446: How informative are the subjective density forecasts of macroeconomists? Published in: Journal of Forecasting (forthcoming)
11/07/2012
The international role of the euro [online only] Press release:
06/07/2012
Commission's green paper on shadow banking. The Eurosystem's reply
04/07/2012
Second letter from the ECB President to Mr Mario Borghezio, MEP
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[online only]
04/07/2012
Letter from the ECB President to Mr Mario Borghezio, MEP
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[online only]
28/06/2012
Occasional paper no. 134: Revisiting the effective exchange rates of the euro
18/06/2012
Working paper no. 1445: Credit risk in general equilibrium
14/06/2012
Statistics Pocket Book, June 2012
14/06/2012
Monthly Bulletin, June 2012
14/06/2012
Working paper no. 1444: The perils of aggregating foreign variables in panel data models
14/06/2012
Focus: Forecasts by other institutions Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: Developments in longer-term growth expectations for the euro area Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: Business investment in 2012: evidence from short-term indicators and surveys Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: The 2012 macroeconomic imbalance procedure Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: The forecast bias for euro area HICP inflation Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: Rebalancing of competitiveness within the euro area and its implications for inflation Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: Liquidity conditions and monetary policy operations in the period from 15 February to 8 May 2012 Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: Developments in the financial account of the euro area balance of payments until March 2012 Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: Recent developments in international reserve holdings of central and eastern European non-euro area EU countries Monthly Bulletin Issue 6, 2012
14/06/2012
Focus: Recent developments in labour force participation in the euro area and the United States Monthly Bulletin Issue 6, 2012
14/06/2012
Letter from the ECB President to Mr Ramon Tremosa-i-Balcells, MEP [online only]
14/06/2012
Letter from the ECB President to Mr. Giommaria Uggias, Mr. Gianni Vattimo, Mr. Andrea Zanoni, and Mr. Niccolò Rinaldi, MEP
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[online only]
12/06/2012
Financial Stability Review Press release:
11/06/2012
Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament on the role of ISDA
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[online only]
06/06/2012
Eurosystem staff macroeconomic projections for the euro area [online only]
01/06/2012
Working paper no. 1443: The structural determinants of the US competitiveness in the last decades: a "trade-revealing" analysis
01/06/2012
Working paper no. 1442: Global exchange rate configurations: Do oil shocks matter?
01/06/2012
Working paper no. 1441: Thousands of models, one story: current account imbalances in the global economy Published in: Journal of International Money and Finance, Vol 31, 2012: pp 1319-1338.
01/06/2012
Working paper no. 1440: Liquidity and credit risk premia in government bond yields Published in: Journal of Empirical Finance, Vol 33, September 2015, pp 160-173, as "Liquidity and credit premia in the yields of highly-rated sovereign bonds"
31/05/2012
TARGET Annual Report 2011 [online only]
30/05/2012
Convergence Report 2012
30/05/2012
Working paper no. 1439: Loan prospecting
25/05/2012
Working paper no. 1438: Asset market participation, monetary policy rules and the great inflation Published in: The Review of Economics and Statistics, Vol 95 (2), May 2013: pp 377-392
25/05/2012
Working paper no. 1437: Euro money market spreads during the 2007-? financial crisis Published in: Journal of Empirical Finance, Vol 19, 2012: pp 548-557
25/05/2012
Working paper no. 1436: Internationally correlated jumps
24/05/2012
Letter from the ECB President to Mr Oreste Rossi, Member of the European Parliament [online only]
14/05/2012
Working paper no. 1435: Quantity theory is alive: the role of international portfolio shifts
14/05/2012
Working paper no. 1434: Monetary policy deliberations: committee size and voting rules
10/05/2012
Statistics Pocket Book, May 2012
10/05/2012
Monthly Bulletin, May 2012
10/05/2012
Focus: Identifying cyclical signals from euro area economic indicators Monthly Bulletin Issue 5, 2012
10/05/2012
Focus: Stockbuilding – theoretical considerations and recent developments Monthly Bulletin Issue 5, 2012
10/05/2012
Focus: Results of the ECB survey of professional forecasters for the second quarter of 2012 Monthly Bulletin Issue 5, 2012
10/05/2012
Focus: Recent house price developments in the euro area Monthly Bulletin Issue 5, 2012
10/05/2012
Focus: Integrated euro area accounts for the fourth quarter of 2011 Monthly Bulletin Issue 5, 2012
10/05/2012
Focus: The results of the "Survey on the access to finance of small and medium-sized enterprises in the euro area: October 2011 to March 2012" Monthly Bulletin Issue 5, 2012
10/05/2012
Focus: The results of the euro area bank lending survey for the first quarter of 2012 Monthly Bulletin Issue 5, 2012
10/05/2012
Focus: The relationship between base money, broad money and risks to price stability Monthly Bulletin Issue 5, 2012
10/05/2012
Focus: Recent developments in the US housing market Monthly Bulletin Issue 5, 2012
10/05/2012
Article: Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s Monthly Bulletin Issue 5, 2012
10/05/2012
Article: A fiscal compact for a stronger Economic and Monetary Union Monthly Bulletin Issue 5, 2012
07/05/2012
Working paper no. 1433: When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets Published in: Journal of Development Economics (forthcoming)
04/05/2012
Working paper no. 1432: Macroeconomic shocks in an oil market var
30/04/2012
Occasional paper no. 133: Shadow banking in the Euro area: an overview
27/04/2012
Working paper no. 1431: Productivity in the euro area: any evidence of convergence? Published in: Empirical Economics (forthcoming)
27/04/2012
Working paper no. 1430: The export-magnification effect of offshoring
27/04/2012
Bridging the reporting requirements regarding ESCB balance sheet and interest rate statistics with EBA guidelines on FINREP, COREP and large exposures, pocket manual [online only]
27/04/2012
Survey on the access to finance of small and medium-sized enterprises in the euro area, October 2011 to March 2012 [online only] Press release:
26/04/2012
Changes in bank financing patterns [online only]
26/04/2012
Financial integration in Europe Press release:
25/04/2012
Annual Report 2011
24/04/2012
Letter from the ECB President to Mr Francisco Sosa Wagner, Member of the European Parliament
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24/04/2012
Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament
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[online only]
24/04/2012
Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament
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[online only]
20/04/2012
Recommendations for the security of internet payments [online only] Press release:
19/04/2012
Eurosystem Oversight Report 2011 [online only] Press release:
18/04/2012
Manual on MFI balance sheet statistics [online only]
12/04/2012
Statistics Pocket Book, April 2012
12/04/2012
Monthly Bulletin, April 2012
12/04/2012
Focus: The new approach to seasonal adjustment1 of European aggregates in short-term statistics Monthly Bulletin Issue 4, 2012
12/04/2012
Focus: The anatomy of current account reversals Monthly Bulletin Issue 4, 2012
12/04/2012
Focus: New standards for HICP weights Monthly Bulletin Issue 4, 2012
12/04/2012
Focus: Factors affecting lending to the private sector and the short-term outlook for money and loan dynamics Monthly Bulletin Issue 4, 2012
12/04/2012
Focus: New statistical definition of euro area money market funds Monthly Bulletin Issue 4, 2012
12/04/2012
Article: Financial reporting in the Eurosystem Monthly Bulletin Issue 4, 2012
12/04/2012
Article: The development of prices and costs during the 2008-09 recession Monthly Bulletin Issue 4, 2012
12/04/2012
Article: Analysing government debt sustainability in the euro area Monthly Bulletin Issue 4, 2012
02/04/2012
Letter from the ECB President to Mr Giegold, Member of the European Parliament, on the two three-year longer-term refinancing operations (LTROs) [online only]
30/03/2012
Euro area balance of payments and international investment position statistics - 2011 quality report [online only]
26/03/2012
Working paper no. 1429: Fiscal policy and the 'Great Recession' in the euro area Published in: American Economic Review, Papers and Proceedings, Vol 102 (3), 2012: pp 71-76.
23/03/2012
Oversight expectations for links between retail payment systems Consultation draft [online only] Press release:
23/03/2012
MFI balance sheet and interest rate statistics and EBA guidelines on FINREP and COREP/large exposures Bridging the reporting requirements - methodological manual, second edition [online only] Press release:
20/03/2012
Working paper no. 1428: Short-term forecasting of the Japanese economy using factor models
15/03/2012
Statistics Pocket Book, March 2012
15/03/2012
Monthly Bulletin, March 2012
15/03/2012
Working paper no. 1427: Do bank characteristics influence the effect of monetary policy on bank risk? Published in: Economic Letters, Economics Letters, Vol 117(1), 2012: pp 220-222
15/03/2012
Focus: Cyclical adjustment of the government budget balance Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: Main elements of the fiscal compact Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: Government debt projections in Portugal Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: ECB staff macroeconomic projections for the euro area Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: Longer-term developments in extra-euro area and intra-euro area trade Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: Recent developments in consumer confidence and the link with private consumption Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: Labour market adjustment in the euro area Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: The impact of recent changes in indirect taxes on the HICP Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: Developments in the issuance and yield spreads of euro area government debt securities Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: Liquidity conditions and monetary policy operations in the period from 9 November 2011 to 14 February 2012 Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: Impact of the two three-year longer-term refinancing operations Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 3, 2012
15/03/2012
Focus: The effective exchange rates of the euro - revised trade weights in the light of global economic integration Monthly Bulletin Issue 3, 2012
15/03/2012
Letter from the ECB President to Mr Chountis, Member of the European Parliament, on private sector participation in the restructuring of Greek debt
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13/03/2012
The great financial crisis: Lessons for financial stability and monetary policy. An ECB colloquium held in honour of Lucas Papademos, 20-21 May 2010
12/03/2012
Working paper no. 1426: CISS - a composite indicator of systemic stress in the financial system CISS indicator: en
08/03/2012
ECB staff macroeconomic projections for the euro area [online only]
05/03/2012
Letter from the ECB President to Mr Salavrakos, Member of the European Parliament, on the international role of the euro [online only]
05/03/2012
Letter from the ECB President to Mr Salavrakos, Member of the European Parliament, on the use of €200 and €500 banknotes
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23/02/2012
Letter from the ECB President to Mr Giegold, Member of the European Parliament
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23/02/2012
Letter from the ECB President to Mr Wagner, Member of the European Parliament
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23/02/2012
Letter from the ECB President to Mr Rivellini and Mr Salatto, Members of the European Parliament
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23/02/2012
Letter from the ECB President to Mr Tremosa-i-Balcells, Member of the European Parliament [online only]
17/02/2012
Research Bulletin No. 15 [online only]
16/02/2012
Statistics Pocket Book, February 2012
16/02/2012
Monthly Bulletin, February 2012
16/02/2012
Focus: Results of the ECB survey of professional forecasters for the first quarter of 2012 Monthly Bulletin Issue 2, 2012
16/02/2012
Focus: Average price increases since the euro cash changeover Monthly Bulletin Issue 2, 2012
16/02/2012
Focus: Base effects and their impact on HICP inflation in 2012 Monthly Bulletin Issue 2, 2012
16/02/2012
Focus: Integrated euro area accounts for the third quarter of 2011 Monthly Bulletin Issue 2, 2012
16/02/2012
Focus: A sectoral account perspective of imbalances in the euro area Monthly Bulletin Issue 2, 2012
16/02/2012
Focus: Implementation of new collateral rules and reserve requirements Monthly Bulletin Issue 2, 2012
16/02/2012
Focus: The results of the euro area bank lending survey for the fourth quarter of 2011 Monthly Bulletin Issue 2, 2012
16/02/2012
Article: Euro area cross-border financial flows Monthly Bulletin Issue 2, 2012
16/02/2012
Article: Corporate indebtedness in the euro area Monthly Bulletin Issue 2, 2012
16/02/2012
Article: Money and credit growth after economic and financial crises - a historical global perspective Monthly Bulletin Issue 2, 2012
15/02/2012
Working paper no. 1425: Financial integration, specialization and systemic risk Published in: Journal of International Economics, Vol 188(1), September 2012: pp 150-161.
13/02/2012
Working paper no. 1424: The pitch rather than the pit: investor inattention during FIFA world cup matches
10/02/2012
Working paper no. 1423: Financial market frictions in a model of the euro area Published in: International Journal of Central Banking (forthcoming)
08/02/2012
Guidance note on the definitions of 'Financial Vehicle Corporation' and 'Securitisation' under Regulation ECB/2008/30 [online only]
03/02/2012
Working paper no. 1422: Estimating Phillips curves in turbulent times using the ECB's survey of professional forecasters
03/02/2012
Working paper no. 1421: Who needs credit and who gets credit in Eastern Europe? Published in: Economic Policy, Vol 26 (65), 2011: pp 93-130
03/02/2012
Working paper no. 1420: Determinants of credit to households in a life-cycle model
01/02/2012
Working paper no. 1419: The Euro area sovereign debt crisis: safe haven, credit rating agencies and the spread of the fever from Greece, Ireland and Portugal Published in: Journal of Empirical Finance, 2013 as "The euro area's sovereign debt crisis: Flight-to-liquidity and the spillover mechanisms" (forthcoming)
01/02/2012
Working paper no. 1418: The scapegoat theory of exchange rates: the first tests
01/02/2012
Working paper no. 1417: Quantifying the qualitative responses of the output purchasing managers index in the US and the Euro area
01/02/2012
Working paper no. 1416: Liquidity, risk and the global transmission of the 2007-08 financial crisis and the 2010-2011 sovereign debt crisis
01/02/2012
Working paper no. 1415: Capital controls and foreign exchange policy
27/01/2012
Letter from the ECB President to Ms Marisa Matias and Mr Miguel Portas, Members of the European Parliament
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20/01/2012
Technical Compilation Guide for Pension Data in National Accounts
19/01/2012
Statistics Pocket Book, January 2012
19/01/2012
Monthly Bulletin, January 2012
19/01/2012
Focus: Revised activity classification (NACE) in national accounts Monthly Bulletin Issue 1, 2012
19/01/2012
Focus: Factors limiting the scope available for increases in domestic prices Monthly Bulletin Issue 1, 2012
19/01/2012
Focus: The evolution of consumer prices for oil products in 2011 Monthly Bulletin Issue 1, 2012
19/01/2012
Focus: The impact of the first three-year longer-term refinancing operation Monthly Bulletin Issue 1, 2012
19/01/2012
Focus: Recent improvement in the euro area's international investment position Monthly Bulletin Issue 1, 2012
19/01/2012
Focus: Money growth and uncertainty Monthly Bulletin Issue 1, 2012
19/01/2012
Focus: The recent weakness in world trade Monthly Bulletin Issue 1, 2012
19/01/2012
Article: Towards an integrated European card payments market Monthly Bulletin Issue 1, 2012
19/01/2012
Article: The interplay of financial intermediaries and its impact on monetary analysis Monthly Bulletin Issue 1, 2012
18/01/2012
Working paper no. 1414: Has the Euro affected the choice of invoicing currency? Published in: Journal of International Money and Finance, Vol 31 (6), October 2012: pp 1551–1573.
18/01/2012
Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament
10/01/2012
Working paper no. 1413: Risk-sharing or risk-taking? Counterparty risk, incentives and margins
04/01/2012
Working paper no. 1412: Global value chains during the great trade collapse: a bullwhip effect?
02/01/2012
Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament
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02/01/2012
Letter from the ECB President to Mr Francisco Sosa Wagner, Member of the European Parliament
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