Frank Elderson, Vice-Chair of the ECB’s Supervisory Board, talks about monitoring credit risks during the pandemic, addressing current and future climate change risks, and the suitability and diversity of banks’ boards.

Full interview

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Euro area net saving decreased to €508 billion (5.6% of euro area net disposable income) in 2020 compared with €549 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €274 billion (3.0% of net disposable income), due to decreased investment by non-financial corporations, and to a lesser extent households, while net investment by financial corporations and government slightly increased.

Euro area net lending to the rest of the world increased to €243 billion (from €225 billion previously) reflecting net non-financial investment declining more than net saving. Net lending of non-financial corporations increased from €62 billion to €134 billion (1.5% of net disposable income), that of financial corporations rose from €84 billion to €109 billion (1.2% of net disposable income) and net lending by households increased from €684 billion to €821 billion (9.1% of net disposable income). The increase in net lending by the...

The 2020 Euro money market study is a comprehensive analysis of the functioning of euro money markets. The study covers five segments of the euro money markets: (i) secured transactions – repos and reverse repos; (ii) unsecured transactions; (iii) the issuance of short-term securities (STS); (iv) foreign exchange (FX) swaps and (v) overnight index swaps (OIS). The study describes developments in these segments between January 2019 and December 2020.

The study relies predominantly on granular data collected through the Eurosystem’s money market statistical reporting (MMSR) dataset. MMSR data have been collected since 1 July 2016 and contain details on volume, pricing, maturity and counterparty for each transaction of less than one year executed by the 48 largest euro area banks. Actual daily transactions are reported to the European Central Bank (ECB) on the subsequent business day, providing a timely insight into market...

The annual growth rate of the broad monetary aggregate M3 decreased to 10.1% in March 2021 from 12.2% in February, averaging 11.6% in the three months up to March. 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 13.6% in March from 16.4% in February. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood at 1.0% in March, unchanged from the previous month. The annual growth rate of marketable instruments (M3-M2) decreased to 7.1% in March from 13.8% in February.

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

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

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

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

Prepared by Omiros Kouvavas, Riccardo Trezzi, Martin Eiglsperger, Bernhard Goldhammer and Eduardo Gonçalves

Published as part of the ECB Economic Bulletin, Issue 7/2020.

The coronavirus (COVID-19) pandemic has generated challenges in measuring consumer price inflation as a result of changes in consumption patterns and limitations in price collection. The pandemic has generated two main challenges when measuring consumer price inflation. First, the pandemic triggered unusually large changes in household spending patterns which are not reflected in aggregated consumer price indices.[1] Second, price collection was affected by the lockdown, and the missing observations therefore needed to be imputed.[2] This box discusses the gap between the Harmonised Index of Consumer Prices (HICP) and the development of prices for the goods and services actually purchased by final consumers. The box also discusses how imputation has affected published HICP...

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

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

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

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

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

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

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

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

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

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