Prepared by Alexandra Born, Michael Grill, Claudia Lambert, Vanessa Schöller, David Staunton and Anna Tskhakaya Published as part of the Macroprudential Bulletin 33, April 2026. The market for tokenised money market funds (TMMFs) – money market funds (MMFs …
Prepared by Alexandra Born, Claudia Lambert, Benoît Nguyen, Oscar Soons, David Staunton and Anton van der Kraaij Published as part of the Macroprudential Bulletin 33, April 2026. Stablecoins denominated in US dollars have attracted considerable attention …
13 April 2026 By Alina Bobasu, Matteo Ciccarelli, Alex Grimaud, Martin Mandler and Andrejs Zlobins During the latest tightening episode, interest rate hikes were especially effective. This ECB Blog finds a strong policy transmission to inflation during …
7 April 2026 By Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB Europe’s energy dependence increasingly complicates the task of maintaining price stability. Meeting the continent’s clean‑energy …
Prepared by Massimo Ferrari Minesso, Laura Lebastard and Olga Triay Bagur Published as part of the ECB Economic Bulletin, Issue 2/2026. International trade could not happen without cross-border payments. Payment systems are the backbone of the financial …
Overview At its meeting on 19 March 2026, the Governing Council decided to keep the three key ECB interest rates unchanged. It is determined to ensure that inflation stabilises at the 2% target in the medium term. The war in the Middle East has made the …
2 April 2026 By Vagia Iskaki, Tobias Linzert, Yannik Schneider, Marta Skrzypińska and Olivier Vergote As the Eurosystem normalises its balance sheet, central bank reserves – banks’ most liquid asset – keep declining. This post examines how banks adapt to …
Prepared by Stephan Haroutunian, Carolin Nerlich, Marta Rodríguez-Vives and Caspar Schauhoff Published as part of the ECB Economic Bulletin, Issue 2/2026. 1 Introduction The European Union (EU) is faced with massive strategic public investment needs in an …
31 March 2026 By Benjamin Böninghausen, Léa Gosselin, Fabian Schupp and Andreea Vladu Inflation expectations are crucial for monetary policy as they shape economic decisions and feed through to inflation. While expectation surveys provide insights, they …
Prepared by Malin Andersson, Sara Colombo, Valerie Jarvis and Richard Morris Euro area business investment has been relatively muted in recent years, with its components displaying a two-speed dynamic. While overall investment performance has been modest, …
The nature of payments is changing, with digitalisation and new technologies at the heart of this transformation. Given this ever-faster development, the Eurosystem has set out its vision for a comprehensive payments strategy. This new strategy takes a …
Prepared by Annalisa Ferrando, Sara Lamboglia, Judit Rariga and Maurice Schmidt This box presents new information about the adoption of artificial intelligence (AI) technologies by euro area firms, and about their plans for AI investment up to the end of …
31 March 2026 Holistic strategy covers wholesale, business‑to‑business, retail and cross‑border payments Forward-looking approach promotes competitive, innovative and resilient European payments Eurosystem outlines position on tokenised settlement assets, …
Prepared by Alina Bobasu and Beatrice Pierluigi Trade policy uncertainty has risen significantly in recent years, reaching historically high levels throughout the past year. It initially rose during the US-China trade conflict in 2018-19, under the first …
30 March 2026 By Jacopo Carmassi, Olivier Dumora Lemaire, Johanne Evrard, Zakaria Gati, Cyprien Milea, Laura Parisi, Clément Rouveyrol and Alessandro Spolaore The current supervisory framework for EU capital markets is complex and fragmented. Key market …
Prepared by Stefan Schaefer, Lisa Gerland and Marcel Tirpák Understanding the impact of tariffs on inflation is a complex task as it involves analysing responses along the pricing chain, including those by foreign exporters, distributors, producers and …
27 March 2026 Please note that the fieldwork for this Consumer Expectations Survey (CES) wave was carried out between 5 February and 3 March 2026, meaning that around 97% of the responses were recorded before the onset of the war in the Middle East on 28 …
27 March 2026 By Piero Cipollone, Member of the Executive Board of the ECB, and Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB The digital euro brings central bank money into the digital age. It …
Keynote speech by Christine Lagarde, President of the ECB, at “The ECB and Its Watchers” conference organised by the Institute for Monetary and Financial Stability at Goethe University Frankfurt Frankfurt am Main, 25 March 2026 It is a pleasure to be back …
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 Brussels, 24 March 2026 Thank you for this opportunity to provide an update on the digital …
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