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MONETARY POLICY
11 September 2025
Our monetary policy statement at a glance
What are the main points in our new monetary policy statement and what mattered to us in our decision? And how do we see the economy developing? Our visual statement explains this in short and easy-to-understand language.
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SPEECH
4 September 2025
Resilience and inclusion in payments
Resilience and inclusion are key benefits of cash and must persist in the digital age. In a hearing at the European Parliament, Executive Board member Piero Cipollone explains how the digital euro would ensure uninterrupted, secure payments and promote inclusion for all Europeans.
Read Piero Cipollone’s introductory statement
FRAUD
Beware of fraud
We are aware of fake websites soliciting people to invest with the ECB. This is a scam. We never ask people for investments, money or personal information. If you think you have fallen victim to fraud, contact your local police.
More information- 11 September 2025
- MONETARY POLICY DECISIONEnglishOTHER LANGUAGES (23) +Related
- 11 September 2025
- COMBINED MONETARY POLICY DECISIONS AND STATEMENT
- 9 September 2025
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 9 September 2025
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 8 September 2025
- PRESS RELEASE
- 3 September 2025
- MFI INTEREST RATE STATISTICS
- 2 September 2025
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 2 September 2025
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 15 September 2025
- Speech by Christine Lagarde, President of the ECB, 'Conversations pour demain' on the occasion of the 25th anniversary of Institut Montaigne in Paris, France
- 15 September 2025
- Slides by Isabel Schnabel, Member of the Executive Board of the European Central Bank, at the European Investment Bank Chief Economists’ meeting
- 11 September 2025
- Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 11 September 2025EnglishOTHER LANGUAGES (23) +Related
- 11 September 2025
- EnglishOTHER LANGUAGES (23) +
- 11 September 2025
- 4 September 2025
- Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament
- 3 September 2025
- Welcome address by Christine Lagarde, President of the ECB and Chair of the European Systemic Risk Board, at the ninth annual conference of the ESRB
- 3 September 2025
- Contribution by Philip R. Lane, Member of the Executive Board of the ECB, to IMF Finance & Development Magazine
- 28 August 2025
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Francesco Canepa and Balazs Koranyi on 28 August 2025
- 26 July 2025
- Interview with Piero Cipollone, conducted by Miha Jenko on 10 July 2025
- 11 July 2025
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by David Barwick and Marta Vilar on 9 July 2025
- 16 June 2025
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Balázs Korányi and Francesco Cánepa on 12 June 2025
- 1 September 2025
- Economic uncertainty has been elevated recently due to geopolitical conflicts and trade tensions. This blog post investigates whether, and how much, high economic uncertainty affects monetary policy transmission in the euro area.
- 27 August 2025
- Services are playing a growing role in global trade. The ECB Blog shows that this trend has been driven by a decline in non-tariff trade barriers. The euro area has benefited more than other regions and is highly competitive in the services sector.
- 12 August 2025
- Investors who sell off sovereign bonds in times of stress are commonly referred to as “vigilantes” as they punish governments for what they consider to be bad policy choices. This post finds that investment funds account for most net sales of sovereign bonds in such times.Details
- JEL Code
- F30 : International Economics→International Finance→General
F34 : International Economics→International Finance→International Lending and Debt Problems
- 4 August 2025
- Digital payments are increasing and people are using banknotes and coins less frequently. Is cash on the way out? Piero Cipollone explains why cash is still indispensable and how the ECB is working to ensure it remains readily available and easy to use.Details
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
- 31 July 2025
- Monetary policy has an impact on our daily lives. This post explores the ripple effects of the ECB’s recent monetary policy on housing affordability, housing sales and households’ home goods consumption.Details
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
R21 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Household Analysis→Housing Demand
- 15 September 2025
- WORKING PAPER SERIES - No. 3110Details
- Abstract
- Announcing a large fiscal stimulus may signal the government’s pessimism about the severity of a recession to the private sector, impairing the stabilizing effects of the policy. Using a theoretical model, we show that these signaling effects occur when the stimulus exceeds expectations and are more noticeable during periods of high economic uncertainty. Analysis of a new dataset of daily stock prices and fiscal news in Japan supports these predictions. We introduce a method to identify fiscal news with different degrees of signaling effects and find that such effects weaken or, in extreme cases, even completely undermine the stabilizing impact of the announcements.
- JEL Code
- E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
D83 : Microeconomics→Information, Knowledge, and Uncertainty→Search, Learning, Information and Knowledge, Communication, Belief
- 15 September 2025
- WORKING PAPER SERIES - No. 3109Details
- Abstract
- This paper examines how structural change in labor markets affects household credit outcomes. Using a Shift-Share instrumental variable approach, we find that occupational shifts negatively influence mortgage holding for households facing fa-vorable job market conditions, such as stable employment and income growth. Our results, robust to alternative specifications, suggest that when both individual and economy-wide career prospects are favorable, the opportunity costs of settling down grow accordingly.
- JEL Code
- G51 : Financial Economics
J24 : Labor and Demographic Economics→Demand and Supply of Labor→Human Capital, Skills, Occupational Choice, Labor Productivity
D84 : Microeconomics→Information, Knowledge, and Uncertainty→Expectations, Speculations
O15 : Economic Development, Technological Change, and Growth→Economic Development→Human Resources, Human Development, Income Distribution, Migration
- 15 September 2025
- LEGAL ACTEnglishOTHER LANGUAGES (16) +
- 15 September 2025
- SURVEY OF MONETARY ANALYSTS - AGGREGATE RESULTS
- 12 September 2025
- WORKING PAPER SERIES - No. 3108Details
- Abstract
- In contrast to the conventional Fisherian view that inflation reduces real debt positions, we show that significant increases in inflation are strongly associated with financial crises. In the spirit of Jordà et al. (2020), countries with free and fixed ex-change rates can be compared to difference out the confounding reaction of monetary policy. Across a dataset of 18 advanced economies over 151 years, we show that the impact of inflation extends beyond its indirect effect via monetary policy. To further corroborate causality, we instrument inflation with oil supply shocks, finding that a 1pp rise in inflation doubles the probability of financial crisis from its sample average. We give evidence for the redistribution channel, where inflationary shocks directly cut real incomes, as a possible mechanism. In conjunction with recent literature on the dangers of rapidly tightening monetary policy, our results point to a difficult trade-off for central banks once inflation has risen.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G01 : Financial Economics→General→Financial Crises
- 12 September 2025
- OCCASIONAL PAPER SERIES - No. 374Details
- Abstract
- This paper explores the interplay between the risk- and leverage-based prudential and the resolution frameworks within the EU banking system. The prudential framework is designed to enhance the resilience of both individual banks and the banking sector as a whole. It does so by imposing minimum capital requirements and capital buffers that can absorb losses during periods of financial stress. Conversely, the resolution framework focuses on ensuring that banks have adequate loss-absorbing and recapitalisation capacity to facilitate an orderly resolution process, thereby safeguarding public funds. The simultaneous use of capital across and within these two frameworks can have an impact on the effectiveness of capital buffers, presenting various challenges for macroprudential authorities. Our analysis shows that overlaps between risk-based and leverage-based requirements within the prudential framework reduce buffer usability to around 65% to 74% of the overall combined buffer requirement. When the resolution framework is also considered, buffer usability further declines to an average of 40% to 50%, depending on the analytical approach employed. Our simulations of buffer usability under different regulatory options discussed in the literature suggest that implementing the final Basel III standards in the EU would significantly increase buffer usability. The paper also analyses the impact of other options that could reduce or eliminate overlaps between capital buffers and other parallel requirements and quantifies the trade-offs between increased buffer usability and the costs of implementation. As resolution requirements are fully phased in as of 2024, the future evolution of buffer usability and the potential challenges for macroprudential authorities will also depend on how banks set their capital targets relative to the parallel frameworks and how they adapt their balance sheet structures to meet prudential and resolution requirements.
- JEL Code
- G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
- 11 September 2025
- MACROECONOMIC PROJECTIONS FOR THE EURO AREAEnglishOTHER LANGUAGES (21) +Annexes
- 11 September 2025
- MACROECONOMIC PROJECTIONS FOR THE EURO AREA
- 10 September 2025
- LEGAL ACTAnnexes
- 5 September 2025
- LEGAL ACT
- 3 September 2025
- WORKING PAPER SERIES - No. 3107Details
- Abstract
- Firms respond heterogeneously to aggregate fluctuations, yet standard linear models impose restrictive assumptions on firm sensitivities. Applying the Generalized Random Forest to U.S. firm-level data, we document strong nonlinearities in how firm characteristics shape responses to macroeconomic shocks. We show that nonlinearities significantly lower aggregate esponses, leading linear models to overestimate the economy’s sensitivity to shocks by up to 1.7 percentage points. We also find that larger firms, which carry disproportionate economic weight, exhibit lower sensitivities, leading to a median reduction in aggregate economic sensitivity of 52%. Our results highlight the importance of accounting for nonlinearities and firm heterogeneity when analyzing macroeconomic fluctuations and the transmission of aggregate shocks.
- JEL Code
- D22 : Microeconomics→Production and Organizations→Firm Behavior: Empirical Analysis
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
C14 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Semiparametric and Nonparametric Methods: General
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
- 3 September 2025
- WORKING PAPER SERIES - No. 3106Details
- Abstract
- This paper investigates the relationship between public debt and the effectiveness of fiscal policy, presenting evidence of an inverse relationship between government debt and fiscal multipliers. To explain the results, I develop and calibrate a HANK model tailored to the U.S. economy. The model reveals that higher public debt diminishes fiscal multipliers by making households less constrained. Theoretically, I show intertemporal marginal propensities to consume (iMPCs) are sufficient statistics of public debt, influencing fiscal multipliers. Decomposing changes in iMPCs into components driven by wealth distribution and the policy function, I find that the primary factor driving variations in iMPCs is the change in interest rates due to the variation of government bonds. This highlights a novel mechanism: even in the absence of fiscal limits or crowding out, large stocks of debt can weaken fiscal stimulus through their effect on household behavior.
- 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
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
D31 : Microeconomics→Distribution→Personal Income, Wealth, and Their Distributions
D52 : Microeconomics→General Equilibrium and Disequilibrium→Incomplete Markets
- 27 August 2025
- WORKING PAPER SERIES - No. 3105Details
- Abstract
- Local projections (LPs) are widely used in empirical macroeconomics to estimate impulse responses to policy interventions. Yet, in many ways, they are black boxes. It is often unclear what mechanism or historical episodes drive a particular estimate. We introduce a new decomposition of LP estimates into the sum of contributions of historical events, which is the product, for each time stamp, of a weight and the realization of the response variable. In the least squares case, we show that these weights admit two interpretations. First, they represent purified and standardized shocks. Second, they serve as proximity scores between the projected policy intervention and past interventions in the sample. Notably, this second interpretation extends naturally to machine learning methods, many of which yield impulse responses that, while nonlinear in predictors, still aggregate past outcomes linearly via proximity-based weights. Applying this framework to shocks in monetary and fiscal policy, global temperature, and the excess bond premium, we find that easily identifiable events—such as Nixon’s interference with the Fed, stagflation, World War II, and the Mount Agung volcanic eruption—emerge as dominant drivers of oftenheavily concentrated impulse response estimates.
- JEL Code
- C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
C53 : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
- 27 August 2025
- WORKING PAPER SERIES - No. 3104Details
- Abstract
- The distributive effects of carbon taxation are critical for its political acceptability and depend on both income and geographic factors. Using French administrative data, household surveys, and matched employer-employee records, we document that rural households spend 2.8 times more on fossil fuels than urban households and are employed in firms that emit 2.7 times more greenhouse gases. We incorporate these insights into a spatial heterogeneous-agent model with endogenous migration and wealth accumulation, linking spatial and macroeconomic approaches. After an increase in carbon taxes, we quantify that rural households face 20% higher welfare losses than urban households. In an optimal revenue-recycling exercise, we compare transfers targeting income and geography, and show that neglecting for geography reduces welfare gains by 7%. We conclude that carbon policies should account for spatial differences to improve political feasibility.
- JEL Code
- C61 : Mathematical and Quantitative Methods→Mathematical Methods, Programming Models, Mathematical and Simulation Modeling→Optimization Techniques, Programming Models, Dynamic Analysis
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H23 : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies
Q43 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
R13 : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→General Equilibrium and Welfare Economic Analysis of Regional Economies
- 26 August 2025
- WORKING PAPER SERIES - No. 3103Details
- Abstract
- We would like to thank Philipp Lane, Klaus Adam, Michael Ehrmann, Christophe Kamps, Timo Reinelt, Annalisa Ferrando, Philippine Cour-Thimann, Felix Hammermann, Davide Romelli, Andreas Kapounek, and colleagues from DG Communication for for their valuable feedback on earlier versions of this paper. This paper was presented at the 2025 AEA Conference in San Francisco, and we appreciate the feedback and suggestions received from the participants. We would also like to thank colleagues from 11 Business Areas of the ECB for their presentations to visitors, as well as colleagues from DG Communications for their support in conducting the surveys with the visitor groups, especially Alexandra Kroppenstedt, Nadia Bates, Christian Scherf, and Emma-Katharina David. This experiment is pre-registered in the AEA RCT registry (ID: AEARCTR-0012902). Declaration of Interest: Jung is employed by the European Central Bank. The views expressed in this article are those of the authors and do not necessarily reflect those of the ECB. The authors remain responsible for any errors or omissions.
- JEL Code
- C83 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs→Survey Methods, Sampling Methods
C93 : Mathematical and Quantitative Methods→Design of Experiments→Field Experiments
D83 : Microeconomics→Information, Knowledge, and Uncertainty→Search, Learning, Information and Knowledge, Communication, Belief
D84 : Microeconomics→Information, Knowledge, and Uncertainty→Expectations, Speculations
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 25 August 2025
- WORKING PAPER SERIES - No. 3102Details
- Abstract
- This paper examines the effects of trade policy shocks on the US economy using a novel identification strategy that combines narrative information on trade policy changes with stock market data. We introduce a new data set of daily trade policy statements from 2007 to 2019, allowing us to capture a comprehensive range of trade policy actions. By analyzing stock price reactions of trade-exposed and non-trade-exposed firms around these statements, we can identify unanticipated trade policy shocks. Using the local projection method, we analyze asymmetries and non-linearities based on the sign and magnitude of the shocks. We find that the gains from trade liberalizations and the damage from protectionism are of equal magnitude in absolute terms, with no non-linearities observed along this dimension. On the other hand, trade policy shocks originating from trading partners have a stronger impact on the economy than those initiated by the US. Moreover, the implementation of policy changes generates a more significant response than mere announcements. Uncertainty about policymakers’ commitment to planned policy changes leads firms and households to adopt a cautious “wait and see” approach. As an extension, we explore whether using President Trump’s tweets instead of official statements affects our results.
- JEL Code
- F10 : International Economics→Trade→General
F13 : International Economics→Trade→Trade Policy, International Trade Organizations
F14 : International Economics→Trade→Empirical Studies of Trade
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
- 25 August 2025
- SURVEY OF MONETARY ANALYSTS
- 21 August 2025
- WORKING PAPER SERIES - No. 3101Details
- Abstract
- This paper studies the role of financial intermediaries in the transmission of central bank corporate bond purchases to bond yields. Contrary to standard expectations, we find that mutual funds—typically viewed as price-elastic investors—amplify, rather than dampen, the effects of these interventions on bond spreads. Following the ECB’s corporate bond purchase announcements in 2016 and 2020, bonds predominantly held by mutual funds experienced significantly larger and more persistent declines in spreads compared to those held by price-inelastic investors such as insurance companies, even after controlling for a broad set of bond characteristics. Drawing on additional empirical evidence and an equilibrium asset pricing model, we show that the state-contingent nature of the policy reduces perceived market risk for procyclical investors like mutualfunds, thereby boosting demand and compressing risk premia.
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
- 20 August 2025
- WORKING PAPER SERIES - No. 3100Details
- Abstract
- When economic analysis requires simultaneous inference across multiple variables and time horizons, this paper shows that conventional pointwise quantiles in Bayesian structural vector autoregressions significantly understate the uncertainty of impulse responses. The performance of recently proposed joint inference methods, which produce noticeably different error band estimates, is evaluated, and calibration routines are suggested to ensure that they achieve the intended nominal probability coverage. Two practical applications illustrate the implications of these findings: (i) within a structural vector autoregression, the fiscal multiplier exhibits error bands that are 51% to 91% wider than previous estimates, and (ii) a pseudo-out-of-sample projection exercise for inflation and gross domestic product shows that joint inference methods could effectively summarize uncertainty for forecasts as well. These results underscore the importance of using joint inference methods for more robust econometric analysis.
- JEL Code
- C22 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models &bull Diffusion Processes
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
C52 : Mathematical and Quantitative Methods→Econometric Modeling→Model Evaluation, Validation, and Selection
- 19 August 2025
- WORKING PAPER SERIES - No. 3099Details
- Abstract
- This study evaluates the effectiveness of EU Cohesion Policy as an investment programme, employing a novel dataset that links firm-level data from Orbis with project-level information from the Kohesio database. It focuses on two key questions: (1) Which firms receive EU funding? (2) How does receiving EU funding affect firm performance? By applying a logit model and a local projection difference-in-differences approach, we provide new insights into the allocation mechanisms of EU Cohesion Policy funds and their firm-level impact. Our findings show that funding tends to be allocated to firms that already perform relatively well, and that firms receiving EU funding experience a persistent productivity increase of approximately 3% after 4 years, with smaller and more financially constrained firms experiencing relatively greater improvements. Moreover, funding targeting “SME investment” tends to enhance firm performance disproportionately more than other categories, whereas projects directed the “green transition” appear comparatively less beneficial.
- JEL Code
- E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
D24 : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity
H54 : Public Economics→National Government Expenditures and Related Policies→Infrastructures, Other Public Investment and Capital Stock
O38 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Government Policy
O52 : Economic Development, Technological Change, and Growth→Economywide Country Studies→Europe
- 18 August 2025
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 31Details
- Abstract
- Amid changes in the global macro-financial environment, macroprudential policy within the banking union and beyond has increasingly prioritised the proactive enhancement of resilience. This article argues that this shift towards a more pre-emptive implementation of macroprudential policy has enhanced its complementarity with monetary policy. A sufficiently resilient financial sector is essential to exclude conflicts between price stability and financial stability, the respective primary objectives of monetary and macroprudential policies, as highlighted in the latest 2025 ECB’s monetary policy strategy statement. Without sufficient resilience, monetary policy could at times negatively affect financial stability, for example when the monetary policy stance remains very accommodative for extended periods or undergoes significant tightening over a short time span. In particular, the early activation of the Countercyclical Capital Buffer (CCyB) fosters banking sector resilience by ensuring the availability of sufficient capital that can be released in the event of (also non-financial) shocks. This approach supports monetary policy to focus solely on its primary objective of price stability, thereby largely eliminating the potential for conflict between price stability and financial stability.
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
Interest rates
| Deposit facility | 2.00 % |
| Main refinancing operations (fixed rate) | 2.15 % |
| Marginal lending facility | 2.40 % |
Inflation rate
More on inflationExchange rates
| USD | US dollar | 1.1766 | |
| JPY | Japanese yen | 173.38 | |
| GBP | Pound sterling | 0.86410 | |
| CHF | Swiss franc | 0.9353 |
Financial stability
Our tasks Institutional framework Financial Stability Review Macroprudential policy measuresMarket operations
Open market operations Asset purchase programmes Lendings of holdings under PSPPNOT AN EXPERT? CHECK OUT OUR EXPLAINERS
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