• Are you conducting research on inflation? Submit your paper and present your research at our online conference organised with the Centre for Inflation Research @ClevelandFed. Our call for papers is open until 1 July 2021 Link https://t.co/Y8jIZiluor
    European Central Bank Thu 03 Jun 2021 10:09

    The ECB and the Federal Reserve Bank of Cleveland’s Center for Inflation Research will organise the Inflation: Drivers and Dynamics 2021 conference, to be held virtually on 7-8 October 2021. The conference will bring together top researchers from academia, central banks and other policy institutions to present research findings related to inflation.

    Emi Nakamura (University of California-Berkeley) and Olivier Coibion (University of Texas-Austin) will be keynote speakers. Philip R. Lane and Isabel Schnabel, members of the ECB’s Executive Board, and Loretta J. Mester, president and chief executive officer of the Federal Reserve Bank of Cleveland, will provide remarks.

    Some of the topics of interest include, but are not limited to:

  • Watch live from 15:45 CET today: Executive Board member @FrankElderson speaks about the work of the @NGFS_ and the role of central banks and supervisors in dealing with the climate crisis at the #GreenSwanConference by @BIS_org, @banquedefrance and @NGFS_ Link Link
    European Central Bank Thu 03 Jun 2021 09:09

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  • Issuing a well-designed digital euro could not only preserve the role of the euro in domestic payments, but also enhance its global role, says Executive Board member Fabio Panetta on the international role of the euro. Read the report here Link https://t.co/7nus8cHpuH
    European Central Bank Wed 02 Jun 2021 18:38

    This 20th annual review of the international role of the euro published by the European Central Bank presents an overview of developments in the use of the euro by non-euro area residents.

    The report covers developments in 2020. This period was characterised by the outbreak of the coronavirus (COVID-19) pandemic, a contraction in global economic activity unprecedented in living memory and exceptional global policy support. On balance, however, these developments did not result in a significant change in the international role of the euro. In particular, the euro’s share in outstanding international loans, in the stock of international debt securities and as an invoicing currency for extra-euro area imports of goods remained broadly stable. The share of the euro in global foreign exchange reserves declined, as did the share of the euro in foreign currency-denominated debt issuance and in outstanding international deposits. The euro remained a key currency in...

  • With the right mix of fiscal, economic and monetary policies we can build a better monetary union which could increase the influence of the euro, says Executive Board member Fabio Panetta on the international role of the euro. Read the report Link https://t.co/fEi5iU8C8H
    European Central Bank Wed 02 Jun 2021 18:13

    This 20th annual review of the international role of the euro published by the European Central Bank presents an overview of developments in the use of the euro by non-euro area residents.

    The report covers developments in 2020. This period was characterised by the outbreak of the coronavirus (COVID-19) pandemic, a contraction in global economic activity unprecedented in living memory and exceptional global policy support. On balance, however, these developments did not result in a significant change in the international role of the euro. In particular, the euro’s share in outstanding international loans, in the stock of international debt securities and as an invoicing currency for extra-euro area imports of goods remained broadly stable. The share of the euro in global foreign exchange reserves declined, as did the share of the euro in foreign currency-denominated debt issuance and in outstanding international deposits. The euro remained a key currency in...

  • Persistent low growth and low inflation after the euro crisis also proved the importance of a balanced policy mix. Strong policy support now will continue to provide a bridge across the pandemic and well into the economic recovery. Read the speech Link 4/4
    European Central Bank Wed 02 Jun 2021 17:18

    Paris, 2 June 2021

    It is a great pleasure to be here once again in Bercy, which brings back so many memories. I am very grateful to Jean-Claude Trichet and the Cercle Turgot for bestowing this prize on me. It is an honour to join such an illustrious group of recipients.

    Anne-Robert, Jacques Turgot himself said that “the whole mass of humanity … marches constantly, though slowly, toward greater perfection”. When I reflect on my career as a policymaker in Paris, Washington and Frankfurt, these words resonate with me greatly.

    History never moves in a straight line. Day-to-day, it can be hard to perceive any direction at all. But I do believe that, in retrospect, we can make out a clear path towards progress.

    After two decades working in the private sector, I have held public office throughout two decades of crises – a period when Europe has been severely put to the test. But each crisis has taught us a valuable lesson – and we have had the humility...

  • The eurozone sovereign debt crisis taught us that in such periods, the most important signal for policymakers is their determination to act. At the onset of the pandemic, we reacted quickly and forcefully, showing there are no limits to our commitment to the euro 3/4
    European Central Bank Wed 02 Jun 2021 17:18
  • The global financial crisis showed why we needed effective financial regulation. Europe learnt the lesson and strengthened its banking system, meaning that when the pandemic hit, banks could be mobilised to channel funding to the economy 2/4
    European Central Bank Wed 02 Jun 2021 17:18
  • (THREAD) Learning from past crises has helped us to avert what would have been the greatest crisis of them all during the pandemic, President @Lagarde explains upon receiving the Turgot Prize of Honour. Three lessons in particular have shaped Europe’s progress 1/4 https://t.co/d03iXNVaSO
    European Central Bank Wed 02 Jun 2021 17:18
  • Do you read our Supervision Newsletter? Help us make it work better for you. Share your thoughts with us in our survey Link Link
    European Central Bank Wed 02 Jun 2021 13:33

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  • Explore the report’s special features on - the impact of a central bank digital currency on the international role of currencies - the implications of the EU and ECB policy responses to the pandemic - the euro as an invoicing currency for global trade Link
    European Central Bank Wed 02 Jun 2021 11:17

    This 20th annual review of the international role of the euro published by the European Central Bank presents an overview of developments in the use of the euro by non-euro area residents.

    The report covers developments in 2020. This period was characterised by the outbreak of the coronavirus (COVID-19) pandemic, a contraction in global economic activity unprecedented in living memory and exceptional global policy support. On balance, however, these developments did not result in a significant change in the international role of the euro. In particular, the euro’s share in outstanding international loans, in the stock of international debt securities and as an invoicing currency for extra-euro area imports of goods remained broadly stable. The share of the euro in global foreign exchange reserves declined, as did the share of the euro in foreign currency-denominated debt issuance and in outstanding international deposits. The euro remained a key currency in...

  • The euro remained a key currency in international green bond markets, with over half of green bonds issued globally in 2020 in euro. Developing well-functioning euro markets for sustainable and green finance can strengthen the euro’s international role
    European Central Bank Wed 02 Jun 2021 11:17
  • (THREAD) The international role of the euro is broadly stable after the pandemic shock and the euro remains the second most used currency in the world after the US dollar. Read the press release Link https://t.co/96ovJj4WTL
    European Central Bank Wed 02 Jun 2021 11:17
    Euro remains unchallenged as second most widely used currency globally after the US dollar International role of the euro is broadly stable after the pandemic shock Euro plays large role in international green bond markets
  • Watch live from 12:15 CET today: Executive Board member @FrankElderson participates in a panel on how the financial sector can take action against climate-related risks at the #GreenSwanConference by @BIS_org, @Banquedefrance and @NGFS_ Link Link
    European Central Bank Wed 02 Jun 2021 09:42

    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

  • Working Paper: The risk management approach to macro-prudential policy Link
    European Central Bank Wed 02 Jun 2021 09:12
  • Euro area insurance corporation statistics (Q1 2021) Link
    European Central Bank Wed 02 Jun 2021 08:47

    Total assets of euro area insurance corporations increased to €9,040 billion in the first quarter of 2021, from €9,026 billion in the fourth quarter of 2020. Debt securities accounted for 39.6% of the sector's total assets in the first quarter of 2021. The second largest category of holdings was investment fund shares (28.1%), followed by equity (11.1%) and loans (7.3%).

    Holdings of debt securities decreased to €3,578 billion at the end of the first quarter of 2021 from €3,653 billion at the end of the previous quarter. Net purchases of debt securities amounted to €1 billion in the first quarter of 2021; price and other changes amounted to -€76 billion (see Chart 1). The year-on-year growth rate of debt securities held was 0.4%.

    Looking at holdings by issuing sector, the annual growth rate of debt securities issued by euro area general government was -0.2% in the first quarter of 2021, with net purchases in the quarter amounting to €9 billion. As regards debt...

  • Services such as tourism, entertainment and travel were hit most in the first half of 2020. But they have also rebounded less in the second half, further increasing the divergence across sectors. Read more on this story and others in the full report Link 2/2 https://t.co/52ysKlVzQq
    European Central Bank Wed 02 Jun 2021 08:02

    The Financial Stability Review provides an overview of potential risks to financial stability in the euro area. It aims to promote awareness in the financial industry and among the public of euro area financial stability issues. It is published twice a year, with the next release provisionally set for 17 November 2021.

  • (THREAD) The charts in our latest Financial Stability Review tell many stories. One is that of the uneven impact of the pandemic. Less badly affected sectors, such as manufacturing, have been able to resume normal activity, while the services sector has suffered 1/2 https://t.co/MDvpeDQ7c6
    European Central Bank Wed 02 Jun 2021 08:02
  • Working Paper: Combining negative rates, forward guidance and asset purchases: identification and impacts of the ECB’s unconventional policies Link
    European Central Bank Tue 01 Jun 2021 09:05
  • Working Paper: The Covid pandemic in the market: infected, immune and cured bonds Link
    European Central Bank Tue 01 Jun 2021 09:05
  • The availability of bank loans improved marginally, but not for the smallest firms. Looking ahead, SMEs continue to be concerned about the availability of external financing. Read the results Link 3/3
    European Central Bank Tue 01 Jun 2021 08:05

    The survey on the access to finance of enterprises (SAFE) provides information on the latest developments in the financial situation of enterprises, and documents trends in the need for and availability of external financing. The survey results are broken down by firm size, branch of economic activity, country, firm age, financial autonomy and ownership.

    The survey is conducted twice a year: once by the ECB covering euro area countries (see results below) and once in cooperation with the European Commission covering all EU countries plus some neighbouring countries.

    View dates for upcoming releases
  • Small and medium-sized enterprises’ turnover and profits continued to deteriorate, but business activity is expected to improve in the coming months 2/3
    European Central Bank Tue 01 Jun 2021 08:05
  • (THREAD) Our latest survey results on the access to finance of enterprises reflect the difficult economic environment caused by the coronavirus pandemic. Most small businesses highlighted the importance of government support to meet their obligations 1/3 https://t.co/AjS7tLyqML
    European Central Bank Tue 01 Jun 2021 08:05
  • Working paper: Point targets, tolerance bands, or target ranges? Inflation target types and the anchoring of inflation expectations Link
    European Central Bank Mon 31 May 2021 09:19
  • Working paper: Euro area sovereign bond risk premia during the Covid-19 pandemic Link
    European Central Bank Mon 31 May 2021 09:04
  • How did euro area bank lending and money supply evolve in April? How do they compare with March’s figures? Find out more in the press release Link https://t.co/eS0ly7dsBJ
    European Central Bank Mon 31 May 2021 08:04

    The annual growth rate of the broad monetary aggregate M3 decreased to 9.2% in April 2021 from 10.0% in March, averaging 10.5% in the three months up to April. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 12.3% in April from 13.6% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 0.3% in April from 0.9% in March. The annual growth rate of marketable instruments (M3-M2) increased to 10.6% in April from 7.0% in March.

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