• Speech Peter Praet: Market power: a complex reality Link
    European Central Bank Mon 18 Mar 2019 15:47

    Diagnosing and quantifying firms’ market power – the ability of firms to maintain prices above marginal cost – has long been a central topic for economists studying industrial organisation.[1] On the basis of detailed firm-level data, researchers analyse the market power of firms in specific industries.

    For a long time, market power was of little interest to macroeconomists, including central bankers. It first entered the field of macroeconomics as a topic of interest in the mid-1980s, but only with a narrow focus on the cyclical pattern of markups – the margin firms charge over the marginal cost of output. In part, this is because macroeconomic models are generally founded on Kaldor’s stylised facts, such as a constant labour share, constant profits and a constant capital-to-output ratio. Such models implicitly assume that there are no trend changes in firms’ market power.

    Recently, however, trend changes in market power have elicited interest from macroeconomists...

  • Speech Luis de Guindos: The euro area economy and our monetary policy stance Link
    European Central Bank Mon 18 Mar 2019 14:12
    In recent months, incoming euro area data have continued to be weak and the economy has grown below expectations.That is, euro area real GDP increased by 0.2% quarter-on-quarter in the fourth quarter of 2018 (according to preliminary estimates), which was slightly up from 0.1% in the quarter before, but well below the 0.4% growth observed in the first half of 2018.The continued weakness, particularly in the manufacturing sector, reflects the slowdown in external demand, compounded by some country and sector-specific factors.The global economy is expanding at a more modest pace. According to IMF estimates, global growth has moderated to 3.7% in 2018 (from 3.8% in the previous year), and is expected to slow to 3.5% in 2019. Important euro area trading partners, such as China, show signs of a maturing economic cycle, and this has affected euro area exports. Net exports recovered in the fourth quarter of 2018 (according to preliminary estimates), but weaker exports were the main...
  • Economic Bulletin: Net purchases ended but maturing bonds will be reinvested for an extended period Link
    European Central Bank Mon 18 Mar 2019 09:12

    Prepared by Felix Hammermann, Kieran Leonard, Stefano Nardelli and Julian von Landesberger

    Following the Governing Council’s decision in December 2018 to end net asset purchases under the Eurosystem’s asset purchase programme (APP), this article reviews the implementation and effects of the asset purchases. The APP has proved to be an adaptable and effective instrument to ease monetary and financial conditions, foster economic recovery, counteract disinflationary pressures and anchor inflation expectations, thereby supporting a sustained adjustment in the path of inflation towards price stability. The APP has been part of a package of policy measures together with negative interest rates on the deposit facility, forward guidance and targeted longer-term refinancing operations (TLTROs), jointly creating synergies that have enhanced the effectiveness of each of the package’s individual components. From an implementation viewpoint, the Eurosystem ensured that asset...

  • Economic Bulletin: ECB enhances APP transparency Link
    European Central Bank Mon 18 Mar 2019 09:12

    Prepared by Felix Hammermann, Kieran Leonard, Stefano Nardelli and Julian von Landesberger

    Following the Governing Council’s decision in December 2018 to end net asset purchases under the Eurosystem’s asset purchase programme (APP), this article reviews the implementation and effects of the asset purchases. The APP has proved to be an adaptable and effective instrument to ease monetary and financial conditions, foster economic recovery, counteract disinflationary pressures and anchor inflation expectations, thereby supporting a sustained adjustment in the path of inflation towards price stability. The APP has been part of a package of policy measures together with negative interest rates on the deposit facility, forward guidance and targeted longer-term refinancing operations (TLTROs), jointly creating synergies that have enhanced the effectiveness of each of the package’s individual components. From an implementation viewpoint, the Eurosystem ensured that asset...

  • Economic Bulletin: Implemented smoothly by the Eurosystem, the APP effectively eased monetary conditions Link
    European Central Bank Mon 18 Mar 2019 09:12

    Prepared by Felix Hammermann, Kieran Leonard, Stefano Nardelli and Julian von Landesberger

    Following the Governing Council’s decision in December 2018 to end net asset purchases under the Eurosystem’s asset purchase programme (APP), this article reviews the implementation and effects of the asset purchases. The APP has proved to be an adaptable and effective instrument to ease monetary and financial conditions, foster economic recovery, counteract disinflationary pressures and anchor inflation expectations, thereby supporting a sustained adjustment in the path of inflation towards price stability. The APP has been part of a package of policy measures together with negative interest rates on the deposit facility, forward guidance and targeted longer-term refinancing operations (TLTROs), jointly creating synergies that have enhanced the effectiveness of each of the package’s individual components. From an implementation viewpoint, the Eurosystem ensured that asset...

  • Economic Bulletin: Taking stock of the asset purchase programme (APP) after the end of net asset purchases Link
    European Central Bank Mon 18 Mar 2019 09:12

    Prepared by Felix Hammermann, Kieran Leonard, Stefano Nardelli and Julian von Landesberger

    Following the Governing Council’s decision in December 2018 to end net asset purchases under the Eurosystem’s asset purchase programme (APP), this article reviews the implementation and effects of the asset purchases. The APP has proved to be an adaptable and effective instrument to ease monetary and financial conditions, foster economic recovery, counteract disinflationary pressures and anchor inflation expectations, thereby supporting a sustained adjustment in the path of inflation towards price stability. The APP has been part of a package of policy measures together with negative interest rates on the deposit facility, forward guidance and targeted longer-term refinancing operations (TLTROs), jointly creating synergies that have enhanced the effectiveness of each of the package’s individual components. From an implementation viewpoint, the Eurosystem ensured that asset...

  • Economic Bulletin article: Taking stock of the Eurosystem’s asset purchase programme after the end of net asset pur… Link
    European Central Bank Mon 18 Mar 2019 09:07

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  • Want to win €15,000? You have until Sunday to participate in the EU Datathon! Use #EUopendata to set up an innovati… Link
    European Central Bank Mon 18 Mar 2019 09:02

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  • What’s the role of cash in the digital age? This was one of the many interesting questions we were asked at our lat… Link
    European Central Bank Fri 15 Mar 2019 16:55

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  • Watch again: Benoît Cœuré explains why low interest rates are good for millennials #ECBYouthDialogue https://t.co/qAXDB5kJHM
    European Central Bank Fri 15 Mar 2019 16:45
  • Young people are the future and it’s important to listen to them. Check out what participants thought about our mos… Link
    European Central Bank Fri 15 Mar 2019 16:25

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  • Circa 170 studenti hanno partecipato all’ultimo #ECBYouthDialogue con Benoît Cœuré, Membro del Comitato esecutivo d… Link
    European Central Bank Thu 14 Mar 2019 18:24

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  • Watch again: Benoît Cœuré at the latest #ECBYouthDialogue on why gender equality is good for the economy https://t.co/dL586Fl19i
    European Central Bank Thu 14 Mar 2019 18:19
  • Watch again: Benoît Cœuré responds to students at #ECBYouthDialogue in Milan who asked if the Italian economic situ… Link
    European Central Bank Thu 14 Mar 2019 18:19

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  • Young Europeans had the chance to speak directly with our Executive Board member Benoît Cœuré at our latest… Link
    European Central Bank Thu 14 Mar 2019 17:39

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  • Around 170 students joined our latest #ECBYouthDialogue with Executive Board member Benoît Cœuré @UniBocconi in Mil… Link
    European Central Bank Thu 14 Mar 2019 17:39

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  • Working group on euro risk-free rates recommends transition path from EONIA to €STR and €STR-based forward-looking… Link
    European Central Bank Thu 14 Mar 2019 11:53

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  • ECB announces start date for euro short-term rate (€STR) Link
    European Central Bank Thu 14 Mar 2019 11:53

    The European Central Bank (ECB) will start publishing the €STR as of 2 October 2019, reflecting the trading activity of 1 October 2019. Additionally, the ECB is ready to further support private sector efforts in the transition away from the euro overnight index average EONIA and will provide the computation of a one-off spread between the €STR and EONIA, which was requested by the Working Group on Euro Risk-Free Rates. The spread will be calculated by the ECB according to the methodology publicly recommended by the Working Group on Euro Risk-Free Rates. The resulting spread will be communicated on the day on which the change in the methodology of EONIA is announced. It will be based on the pre-€STR and EONIA data as publicly available.

    For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

    NOTES

    Despite the creation of the €STR, EONIA will continue to exist under a new methodology that makes a direct reference to the €STR, so that EONIA...

  • Cœuré at #ECBYouthDialogue: Europe needs to pay more attention to those left behind – to those who need support in… Link
    European Central Bank Wed 13 Mar 2019 17:32

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  • Cœuré at #ECBYouthDialogue: Young students should receive the education they require to successfully compete in the… Link
    European Central Bank Wed 13 Mar 2019 17:27

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  • Cœuré at #ECBYouthDialogue: Being part of the EU, the Single Market and the single currency is a strength. It contr… Link
    European Central Bank Wed 13 Mar 2019 17:22

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  • Benoît Cœuré, Executive Board member of the ECB, speaks at today’s #ECBYouthDialogue @UniBocconi in Milan about wha… Link
    European Central Bank Wed 13 Mar 2019 17:12

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  • Watch #ECBYouthDialogue live: Executive Board member Benoît Cœuré speaks to students in Milan about what Europe can… Link
    European Central Bank Wed 13 Mar 2019 17:07

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

  • Starting in 15 minutes: Executive Board member Benoît Cœuré speaks to young Europeans @UniBocconi about what Europe… Link
    European Central Bank Wed 13 Mar 2019 16:47

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

  • ECB Survey of Monetary Analysts (SMA) - questionnaire Link
    European Central Bank Wed 13 Mar 2019 09:17
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