ECB - European Central Bank

Eurosystem response to EU Commission’s consultation on macroprudential policies for non-bank financial intermediation (NBFI)

1 day ago

Communication for financial crisis prevention: a tale of two decades

3 days ago

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

Financial Stability Review, November 2024

3 days ago

Fit-for-55 climate scenario analysis

4 days ago

Green asset pricing

3 days 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

5 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

8 days ago

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

8 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

9 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

9 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

10 days ago

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

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

15 days ago

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