ECB - European Central Bank

What safe haven after the April US tariff announcement? Implications for euro area financial stability

about 20 hours ago

Trade turmoil in April 2025 saw a marked change in cross-asset behaviour...

Financial Stability Review, November 2025

about 20 hours ago

Inflation risk and heterogeneous trading down

2 days ago

I examine how households adjust the quality of their purchases in response...

Systemic risks in linkages between banks and the non-bank financial sector

2 days ago

Linkages between euro area banks and entities in the non-bank financial intermediation...

Walking the talk? Green politicians and pollution patterns

7 days ago

Exploiting three decades of detailed regional data for Germany, we find that...

Beyond the single bank: macroprudential insights from the 2025 EU-wide stress test and its extensions

8 days ago

This overview article provides an introduction to the 2025 Macroprudential Stress Test...

A framework to assess the severity of adverse scenarios in EU-wide stress tests

8 days ago

The severity and the plausibility of stress test scenarios are crucial elements...

Integrating contagion risk into the 2025 EU-wide stress test: a system-wide analysis with amplification effects between banks and non-banks

8 days ago

This article expands the 2025 EU-wide stress test by incorporating a system-wide...

Simulating dynamic balance sheet reactions and macroprudential policy using the 2025 EU-wide stress test

8 days ago

Stress test simulations can enhance our understanding of the interplay between bank...

Integrating climate risk into the 2025 EU-wide stress test: the effects of climate risks for firms

8 days ago

As authorities across the euro area work towards including climate risks into...

Labor supply response to windfall gains

9 days ago

Using a large survey of euro area consumers, we conduct an experiment...

The fiscal sources of euro area inflation through the lens of the Bernanke-Blanchard model

10 days ago

We estimate the contribution of discretionary fiscal policy measures to euro area...