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...

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...

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...

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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...

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

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...

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.

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.

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.

By Dimitris Christelis, Dimitris Georgarakos, Tullio Jappelli and Geoff Kenny [1]

The coronavirus (COVID-19) pandemic has generated a complex economic shock that has affected households across the euro area very differently. In studying the impact of this shock on household consumption and the implications for the economic outlook it is critical to understand and factor in these large divergences. In this article, we use rich data from the Consumer Expectations Survey, a new ECB household survey that interviews around 10,000 households across the six largest euro area economies on a monthly basis. We document substantial divergences in pandemic-induced financial concerns of households across population subgroups and countries, with financial concerns being significantly higher for younger, female, and low-income individuals in countries where the first wave of COVID-19 was more severe. Also, we show how these concerns can account to a large extent for the drop in...