03 July 2026 Current account surplus at €275 billion (1.7% of euro area GDP) in four quarters to first quarter of 2026, after a €352 billion surplus (2.3% of GDP) a year earlier Geographical counterparts: largest bilateral current account surplus vis-à-vis …
3 July 2026 Bank interest rates for corporations Chart 1 Bank interest rates on new loans to, and deposits from, euro area corporations (percentages per annum) Data for cost of borrowing and deposit interest rates for corporations (Chart 1)The composite …
03 July 2026 Households’ financial investment increased at higher annual growth rate of 2.8% in first quarter of 2026 (after 2.6% in previous quarter) Non-financial corporations’ financing grew at unchanged annual rate of 1.5% Non-financial corporations’ …
2 July 2026 On 11 June, the ECB raised its key interest rates. Do you still think that was the right decision, given that just ten days later Iran and the United States agreed a 60-day ceasefire? We are confident that we made the right choice. As early as …
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the 7th World Congress of Environmental and Resource Economists Lisbon, 2 July 2026 In my speech today, I will talk about two …
2 July 2026 By Pablo Aguilar, Lukas Boeckelmann and Antoine Kornprobst How vulnerable is the global economy to trade disruption in the Strait of Hormuz? Using scenario-based analyses, this blog shows that supply shortages can affect growth and inflation …
30 June 2026 ECB publishes indicative calendar for Eurosystem’s regular tender operations and reserve maintenance periods for 2027 The European Central Bank (ECB) today published the indicative calendars for the Eurosystem’s regular tender operations and …
30 June 2026 ECB publishes indicative calendar for Eurosystem’s regular tender operations and reserve maintenance periods for 2028 The European Central Bank (ECB) today published the indicative calendars for the Eurosystem’s regular tender operations and …
Introductory speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking 2026 “Shaping Europe's future: innovation, growth and stability” in Sintra, Portugal Sintra, 29 June 2026 It is a pleasure to welcome you to the ECB …
29 June 2026 Components of the broad monetary aggregate M3 The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in May 2026 from 2.7% in April, averaging 3.0% in the three months up to May. The components of M3 showed the following …
26 June 2026 Compared with April 2026: median consumer perceptions of inflation over the past 12 months remained unchanged, as did median inflation expectations for three and five years ahead, while median expectations for inflation over the next 12 months …
Prepared by Massimo Ferrari Minesso, Bruno Lopes Mendes, Arthur Stalla-Bourdillon and Viktória Vidaházy Published as part of the ECB Economic Bulletin, Issue 4/2026. Recent geopolitical shocks have disrupted global energy markets. The two largest …
Prepared by Claudia Foroni and Nikolaos Papadatos Published as part of the ECB Economic Bulletin, Issue 4/2026. This box examines the extent to which media-reported, firm-level restructuring announcements covering both job reductions and job creations can …
Prepared by Pablo Anaya Longaric, Claudia Esposito, Vanessa Gunnella, Noémie Lecourt, Catalina Martínez Hernández and Giacomo Pongetti Published as part of the ECB Economic Bulletin, Issue 4/2026. Since the second half of 2025, prices of imports from China …
Prepared by Samuel Bieber and Christelle Puyo Published as part of the ECB Economic Bulletin, Issue 4/2026. This box describes the Eurosystem liquidity conditions and monetary policy operations in the first and second reserve maintenance periods of 2026. …
Prepared by Lorenz Emter, Michael Fidora, Fausto Pastoris and Martin Schmitz Published as part of the ECB Economic Bulletin, Issue 4/2026. The euro area current account surplus narrowed markedly in 2025 under the impact of US trade tariffs, the activities …
Summary The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at its 2% target in the medium term. In line with this commitment, at its meeting on 11 June 2026 it decided to raise the three key ECB interest rates …
25 June 2026 There is now a ceasefire in the Middle East, and oil prices have fallen. What does this mean for the economy in Europe, and in Germany in particular? This is good news for Europe and the global economy. The war has weighed on growth, and its …
25 June 2026 Portfolios of non-financial corporate credit claims to be integrated into general collateral framework Implementation planned for November 2027 at the earliest Changes are final step in discontinuing temporary crisis-era collateral easing …
Prepared by Johannes Gareis The war in the Middle East has led to a sharp rise in oil prices and is likely to weigh noticeably on euro area economic activity. Following the outbreak of the war in late February 2026, Brent crude oil prices increased …
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