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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more
RECHENSCHAFTSPFLICHT
28. April 2025
Jahresbericht 2024
Unser Jahresbericht 2024 ist nun in 21 Sprachen verfügbar. Bei der Präsentation des Berichts im Europäischen Parlament am 28. April 2025 erörterte Vizepräsident Luis de Guindos auch die Aussichten für die Wirtschaft und die Bedeutung eines widerstandsfähigen Finanzsystems.
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RECHENSCHAFTSPFLICHT
28. April 2025
Feedback zur Entschließung des Europäischen Parlaments
Geldpolitik der EZB, Klimawandel, digitaler Euro: Das und mehr behandeln wir in unserer Antwort auf die Anregungen des Europäischen Parlaments zu unserem Jahresbericht 2023.
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DER EZB-BLOG
30. April 2025
Reaktion auf Zölle in Europa
Wie könnten Europas Verbraucherinnen und Verbraucher auf US-Zölle reagieren? Offenbar sind viele von ihnen bereit, auf US-Produkte zu verzichten. Dabei spielen nicht nur preisliche Aspekte, sondern auch veränderte Präferenzen eine Rolle. Dies erörtert der EZB-Blog anhand von Daten der Umfrage zu Verbrauchererwartungen.
Der EZB-Blog- 30 April 2025
- PRESS RELEASE
- 30 April 2025
- PRESS RELEASE
- 29 April 2025
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 29 April 2025
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 29 April 2025
- PRESS RELEASE
- 29 April 2025
- MONETARY DEVELOPMENTS IN THE EURO AREAAnnexes
- 29 April 2025
- Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund
- 28 April 2025
- Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European ParliamentRelated
- 28 April 2025
- EnglishOTHER LANGUAGES (23) +
- 25 April 2025
- Statement by Christine Lagarde, President of the ECB, at the fifty-first meeting of the International Monetary and Financial Committee
- 23 April 2025
- Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the IIF Global Outlook Forum “Forging Growth in a Time of Transition” in Washington D.C., United States
- 17 April 2025
- Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 17 April 2025EnglishOTHER LANGUAGES (23) +Related
- 17 April 2025
- 24 March 2025
- Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Andrés Stumpf
- 16 March 2025
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jon Ihle
- 7 March 2025
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patricia Hecht and Beate Willms on 5 February 2025
- 28 February 2025
- Contribution to Bancaria by Piero Cipollone, Member of the Executive Board of the ECB, based on remarks at the Crypto Asset Lab Conference on 17 January 2025
- 20 February 2025
- Interview with Frank Elderson, conducted by NVDE
- 30 April 2025
- The ECB Blog explores how European consumers react to the prospect of higher trade tariffs. It finds that many are very willing to switch away from US products.Details
- JEL Code
- F10 : International Economics→Trade→General
- 29 April 2025
- At the end of 2024 – after nearly five years of operations, more than 110, 000 bond market transactions and peak holdings of €1.7 trillion – reinvestments under the pandemic emergency purchase programme (PEPP) came to an end. This blog post takes stock and highlights some aspects of PEPP implementation in light of the data we now make publicly available.Details
- JEL Code
- E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 25 April 2025
- One year after its announcement, the new operational framework is working as intended. Euro area banks have adapted to declining central bank reserves as the Eurosystem's balance sheet is normalising. The ECB Blog assesses how banks and money markets cope with the new environment.Details
- JEL Code
- E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
ESTR : Macroeconomics and Monetary Economics
- 18 April 2025
- Central banks usually seek to align very short-term interest rates in the money market with their own policy rate. But money market rates fluctuate also for reasons other than policy. This blog shows that monetary policy is more effective if such fluctuations are small.Details
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
- 7 April 2025
- Military and diplomatic conflicts harm economic growth. This ECB blog shows that the expected length of wars matters for how strongly they weigh on consumer sentiment.Details
- JEL Code
- D10 : Microeconomics→Household Behavior and Family Economics→General
D84 : Microeconomics→Information, Knowledge, and Uncertainty→Expectations, Speculations
- 30 April 2025
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 3, 2025Details
- Abstract
- This article analyses the medium-term fiscal-structural plans that euro area countries have submitted under the revised Stability and Growth Pact. It discusses the fiscal and economic implications of this framework over the short and medium term, also factoring in – on a preliminary basis and acknowledging the major uncertainty ahead – the recent proposal by the European Commission to activate the national escape clause in the Stability and Growth Pact in a coordinated manner. The EU’s new economic governance framework builds on the premise that fiscal sustainability, reforms and investment are mutually reinforcing and should be fostered as part of an integrated approach. The article emphasises the importance of launching the new framework effectively and ensuring appropriate monitoring of reform and investment commitments in the plans. This is also necessary to ensure that additional spending on defence does not endanger fiscal sustainability in the medium term.
- JEL Code
- H11 : Public Economics→Structure and Scope of Government→Structure, Scope, and Performance of Government
H50 : Public Economics→National Government Expenditures and Related Policies→General
H54 : Public Economics→National Government Expenditures and Related Policies→Infrastructures, Other Public Investment and Capital Stock
H60 : Public Economics→National Budget, Deficit, and Debt→General
H68 : Public Economics→National Budget, Deficit, and Debt→Forecasts of Budgets, Deficits, and Debt
- 30 April 2025
- EURO MONEY MARKET
- 29 April 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 3, 2025Details
- Abstract
- This box explores the newly available five-year-ahead inflation expectations collected in the ECB Consumer Expectations Survey (CES). While consumers’ beliefs about longer-term inflation expectations are characterised by substantial heterogeneity and dispersion, the median five-year-ahead expectations have been close to the ECB's 2% inflation target since September 2024. This relative stability contrasts with more variable one-year and three-year expectations, which have been more sensitive to actual changes in inflation. More recent CES data also suggest an increasing concentration of five-year expectations consistent with the ECB’s target, indicating stronger consumer confidence in the ECB’s ability to maintain price stability, as realised inflation has returned to values closer to 2%. Taken together, our analysis supports the value of longer-term expectations for evaluating the anchoring of consumer inflation expectations.
- JEL Code
- D84 : Microeconomics→Information, Knowledge, and Uncertainty→Expectations, Speculations
- 29 April 2025
- RESEARCH BULLETIN - No. 130Details
- Abstract
- The recent surge in inflation has led to a significant increase in the frequency of price changes, making prices more flexible. Conventional models assume a constant price change frequency, but in state-dependent models the frequency varies with economic conditions. Price flexibility has an impact on the effectiveness of monetary policy. In high inflation periods, frequent price changes make monetary policy more effective in reducing inflation with less impact on economic activity. Therefore, monetary policy should be more aggressive during such periods to stabilise prices efficiently. This approach allows central banks to achieve a “soft landing” with less impact on activity. Overall, central banks should adjust their strategies based on the inflation environment to optimise economic outcomes.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 28 April 2025
- ANNUAL REPORTEnglishOTHER LANGUAGES (22) +Related
- 28 April 2025
- FEEDBACK ON THE INPUT PROVIDED BY THE EUROPEAN PARLIAMENT AS PART OF ITS RESOLUTION ON THE ECB’S ANNUAL REPORTEnglishOTHER LANGUAGES (21) +Related
- 28 April 2025
- ANNUAL REPORTEnglishOTHER LANGUAGES (22) +
- 28 April 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 3, 2025Details
- Abstract
- This box provides a model-based analysis of the impact of discretionary fiscal policy measures on economic growth and inflation since the start of the COVID-19 pandemic, as reflected in the March 2025 ECB staff macroeconomic projections for the euro area. Fiscal policy lent substantial support to the euro area economy in response to the pandemic and the energy crisis, while adding to public deficits and debt. Overall, the analysis shows that discretionary fiscal policy measures had a strong positive impact on real GDP growth during the years 2020-2022 and were broadly neutral thereafter owing to their partial reversal. They are also estimated to have had an upward effect on inflation overall, particularly during the years 2023-2024. Having introduced energy and inflation compensatory measures in 2022, which helped contain inflation, governments started to withdraw them from 2023. This unwinding contributed to a build-up of inflationary pressures resulting from the fiscal stimulus in previous years.
- JEL Code
- E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
O40 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→General
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
- 25 April 2025
- LETTERS TO MEPS
- 25 April 2025
- LETTERS TO MEPS
- 25 April 2025
- LETTERS TO MEPS
- 24 April 2025
- WORKING PAPER SERIES - No. 3051Details
- Abstract
- This paper investigates the role of mortgage refinancing in shaping the estimates of marginal propensity to consume (MPC) and its implications for fiscal policy. Using U.S. household data, we find that MPCs decrease during the year of mortgage refinancing and stabilize afterwards, particularly among households with lower liquid assets, higher debtto-income ratios, and valuable illiquid assets. The empirical evidence suggests that refinancing provides extra liquidity, reducing MPCs. We leverage on a partial equilibrium model to quantitatively assess these effects and to explore the role of home-equity extractions for fiscal policy. Our findings highlight a new dimension for the efficacy of cash transfers: targeted programs that consider higher MPCs of no-refinancers generate savings between 4 and 12% compared to non-targeted programs. These estimates imply approximately $30 billions in potential savings under the CARES Act of March 2020.
- JEL Code
- E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G51 : Financial Economics
H31 : Public Economics→Fiscal Policies and Behavior of Economic Agents→Household
- 23 April 2025
- THE EXCHANGE OF BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION STATISTICS – BPM6 - BOOKLETAnnexes
- 23 April 2025
- THE EXCHANGE OF BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION STATISTICS – BPM6 - BOOKLET
- 23 April 2025
- THE EXCHANGE OF BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION STATISTICS – BPM6 - BOOKLET
- 22 April 2025
- SURVEY OF MONETARY ANALYSTS - AGGREGATE RESULTS
- 22 April 2025
- SURVEY OF PROFESSIONAL FORECASTERSAnnexes
- 22 April 2025
- SURVEY OF PROFESSIONAL FORECASTERS
- 22 April 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 3, 2025Details
- Abstract
- This box summarises the findings of recent contacts between ECB staff and representatives of 79 leading non-financial companies operating in the euro area. According to these exchanges, which took place between 17 and 26 March 2025, activity growth was gradually improving, reflecting an incipient recovery in the industrial sector. The employment outlook was also improving slightly but remained relatively flat, as firms continued to focus on efficiency and productivity. Price growth was holding steady at moderate rates, while firms were increasingly confident that wage growth would slow further. Many firms reacted positively to recent announcements regarding increased defence and infrastructure spending, while taking a “wait and see” attitude in relation to pending tariffs.
- JEL Code
- E2 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
L2 : Industrial Organization→Firm Objectives, Organization, and Behavior
- 21 April 2025
- WORKING PAPER SERIES - No. 3050Details
- Abstract
- The primary objective of this study is to explore the dynamic relationships between equity returns or volatility and sentiment factors in European markets during both the periods preceding the COVID-19 pandemic, the COVID-19 itself, and the Russia-Ukraine war. We achieve this by applying the network methodology initially introduced by Diebold & Yilmaz (2014), along with its extensions based on realized measures and generalized forecast error variance decomposition, as proposed by Baruník & Křehlík (2018) and Chatziantoniou et al. (2023). Additionally, we investigate how the global sentiment factor influences the overall connectedness index by employing a quantile-on-quantile approach, following the methods outlined by Sim & Zhou (2015) and Bouri et al. (2022). To conduct our analysis, we utilize daily-frequency data encompassing the period from January 1, 2011, to December 31, 2023, covering the entirety of the COVID-19 pandemic in 2020 and the Russia-Ukraine conflict in 2022 across six European stock indices. Our primary discovery is the interconnectedness of both returns and sentiment. Furthermore, our resultsindicate that during the COVID-19 and Russia-Ukraine war, there is a notable increase in volatility spillovers among the analyzed stock indices, driven by the heightened interconnectedness between stock market returns.
- JEL Code
- G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
G40 : Financial Economics
- 15 April 2025
- EURO AREA BANK LENDING SURVEYAnnexes
- 15 April 2025
- EURO AREA BANK LENDING SURVEY - ANNEX
Related- 15 April 2025
- PRESS RELEASE
- 14 April 2025
- SURVEY ON THE ACCESS TO FINANCE OF ENTERPRISES IN THE EURO AREAAnnexes
- 14 April 2025
- SAFE QUESTIONNAIRE
- 9 April 2025
- WORKING PAPER SERIES - No. 3049Details
- Abstract
- This paper investigates the impact of reforms altering legal central bank independence (CBI) on monetary policy discipline and credibility, two key mechanisms shaping price stability. Using a sample of 155 countries over more than 50 years (1972–2023), we show that reforms improving CBI strengthen monetary discipline and the credibility of central banks. Larger reforms enhance monetary discipline with a lag, achieving their full effect after ten years. Central bank reforms have a greater impact on monetary discipline in countries that have not reversed earlier reforms. CBI reforms have the strongest impact in democratic countries, countries with flexible exchange rates, and those without a monetary policy strategy. The effects of CBI on monetary discipline and credibility are amplified when public debt-to-GDP ratios are high. These findings underscore the crucial role of CBI as a key factor influencing price stability and highlight the risks associated with weakening institutional autonomy.
- 9 April 2025
- LETTERS TO MEPSRelated
- 9 April 2025
- DIGITAL EURO PREPARATION PHASE - SCHEME RULEBOOK DEVELOPMENT GROUP DOCUMENTS
- 9 April 2025
- MIP NEWS
Zinssätze
| Einlagefazilität | 2,25 % |
| Hauptrefinanzierungsgeschäfte (fester Zinssatz) | 2,40 % |
| Spitzenrefinanzierungsfazilität | 2,65 % |
Inflationsrate
Mehr zur InflationWechselkurse
| USD | US dollar | 1.1373 | |
| JPY | Japanese yen | 162.68 | |
| GBP | Pound sterling | 0.85180 | |
| CHF | Swiss franc | 0.9389 |
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