Nicht auf Deutsch verfügbar.
Giacomo Magistretti
- 6 August 2026
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 5, 2026Details
- Abstract
- This box introduces the European Central Bank Broad Intermediation Gauge (ECB-BIG) index, a new indicator designed to provide a timely assessment of intermediation conditions in the euro area. The ECB-BIG index summarises information from a large set of variables covering bank and non-bank credit conditions, and complements indicators of more narrowly defined financial conditions. It also provides insights into the transmission of monetary policy to the real economy by measuring the impact of credit shocks on investment. Currently, the index is signalling a moderate tightening of credit conditions after the start of the war in the Middle East.
- JEL Code
- C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
G20 : Financial Economics→Financial Institutions and Services→General