ECB - European Central Bank

Understanding the inflation–output relationship across business cycle phases

3 days ago

We examine the state dependence of monetary policy transmission and the parameters...

Liquidity conditions and monetary policy operations from 30 July to 4 November 2025

7 days ago

This box describes the Eurosystem liquidity conditions and monetary policy operations in...

Economic Bulletin Issue 8, 2025

7 days ago

From text to trouble: understanding the limits of text-derived trade policy uncertainty measures

7 days ago

Uncertainty surrounding trade policy has become a key factor shaping the investment...

Short-term forecasting of euro area economic activity in an uncertain world

7 days ago

This article examines the key challenges for short-term forecasting of euro area...

Holding on: labour hoarding and firms’ expectations

7 days ago

Firms that have faced adverse shocks to their business activity can decide...

The household saving rate revisited: recent dynamics and underlying drivers

7 days ago

This box provides updated evidence on developments in the household saving rate...

Bulgaria adopts the euro

7 days ago

On 1 January 2026 Bulgaria adopted the euro and became the 21st...

What is the untapped potential of the EU Single Market?

7 days ago

The European Union (EU) Single Market has significantly enhanced economic welfare, competitiveness...

Navigating credit dynamics: does it matter for firm-level investment? Evidence from AnaCredit

8 days ago

This study investigates how credit supply shocks impact firm-level investment across the...

Private money and public debt. U.S. Stablecoins and the global safe asset channel

8 days ago

This paper studies the international macro-financial implications of U.S. dollar-backed payment stablecoins...

Has housing regained its allure? Insights from a new survey-based housing Sharpe ratio

8 days ago

Data from the ECB Consumer Expectations Survey allow the construction of a...