ECB - European Central Bank

Communication for financial crisis prevention: a tale of two decades

1 day ago

This edition of the ECB’s Financial Stability Review (FSR) marks the 20th...

Financial Stability Review, November 2024

1 day ago

Fit-for-55 climate scenario analysis

2 days ago

Green asset pricing

1 day ago

This paper demonstrates that empirically grounding the discount factor significantly influences the...

Low firm productivity: the role of finance and the implications for financial stability

3 days ago

Productivity growth in the euro area has been declining for several decades...

Letter from the ECB President to Mr Auke Zijlstra, MEP, on the digital euro

6 days ago

Keep calm, but watch the outliers: deposit flows in recent crisis episodes and beyond

6 days ago

Since the March 2023 banking turmoil, a policy debate has emerged concerning...

Real effects of credit supply shocks: evidence from Danish banks, firms, and workers

7 days ago

Contractions in credit supply can lead firms to reduce their level of...

Banks and non-banks stressed: liquidity shocks and the mitigating role of insurance companies

7 days ago

This paper documents the extension of the system-wide stress testing framework of...

The impact of central bank digital currency on central bank profitability, risk-taking and capital

8 days ago

As digital payments become increasingly popular, many central banks are looking into...

Financial returns, sentiment and market volatility. A dynamic assessment.

13 days ago

In 1936, John Maynard Keynes proposed that emotions and instincts are pivotal...

For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus

13 days ago

During the COVID-19 pandemic, governments in the euro area sharply increased spending...