Our systems are among those that enable banks to transfer your money throughout the EU in just a few seconds. How could the new technologies they run on, such as blockchain, improve the way we all make payments? These are things our innovation teams are looking at. To keep your money safe from cybercrime we bring the financial community together to prepare for any cyberthreats.
Rather we focus on what is best for the economy in the medium term, so people living in the euro area can enjoy stability.
What we do affects you — the millions of people and businesses in the euro area — and in particular, your decisions to save or invest, to borrow or lend. For this reason we strive to explain our actions to you and we are legally obliged to account for them before your elected representatives in the European Parliament. You can also engage with us on Twitter, LinkedIn and Instagram. We are always working to improve this website for our users.
To do this, we use the anonymous data provided by cookies. Learn more about how we use cookies. See what has changed in our privacy policy. Sort by Relevance Date. TLTROs explained 30 March Targeted longer-term refinancing operations encourage banks to keep affordable credit flowing to people and businesses.
The ECB Explains: foreign reserves 21 August Foreign reserves are foreign currencies, or other assets, held by central banks — like us — and other authorities. The ECB Explains: forward guidance 11 December When a central bank gives forward guidance, it provides information about its future actions. How do our policies affect you locally? How are Executive Board members chosen? How does the euro help Europeans do business?
How do we protect our money against cyberattacks? Why are interest rates low? Coming soon: cross-border instant payments 2 October With so much now available to us in an instant, you may be wondering why bank transfers can still take up to 24 hours. How do Europeans pay? The euro: opening doors for Europeans 7 February European leaders signed the Maastricht Treaty 25 years ago, a milestone for European integration that paved the way for the euro.
The euro outside Europe 24 January Some million people in the euro area use euro banknotes and coins in their daily lives. Inside the APP 6 June Take a look behind the scenes at the people designing and carrying out the ECB's asset purchase programme and find out more about the why and how of quantitative easing in the euro area. How does T2S support a single capital market in Europe?
Who joined the euro area when? Decision-making in ECB Banking Supervision 4 November Learn how decisions on banking supervision are taken under the non-objection procedure. What do negative interest rates mean for me? All pages in this section. Are you happy with this page? Our website uses cookies We are always working to improve this website for our users. Learn more about how we use cookies I understand and I accept the use of cookies I do not accept the use of cookies. The ECB carries out specific tasks in the areas of banking supervision, banknotes, statistics, macroprudential policy and financial stability as well as international and European cooperation.
We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies. Learn more about how we use cookies. Summary If we make the recovery fund work and if we embed the lessons from the pandemic in the EMU governance framework, we can emerge from the crisis with a stronger economy and greater social and political cohesion, says Executive Board member Fabio Panetta in The ECB Blog.
Economic Bulletin Issue 7, The aim of the survey was to gain an insight into how the participants in the regular SPF survey have assessed the new strategy and into whether it has already had, or will have, an impact on their forecasts. Regarding the impact on macroeconomic forecasts, around one-third of respondents indicated that they had revised their point longer-term inflation expectations, and a slightly larger portion indicated that they had revised up the balance of risks surrounding those expectations in response to the new strategy.
The results of the survey suggest there is a strong correlation between what respondents viewed as key aspects in the new strategy and what they viewed as key improvements compared with the previous strategy.
The prevalence of private sector wage indexation in the euro area and its potential role for the impact of inflation on wages. Gerrit Koester Helen Grapow. Abstract Shocks to inflation can have longer-lasting effects in the presence of second-round effects. Wage-setting systems are more likely to trigger second-round effects if wage indexation is widespread in labour agreements. To derive a euro area indicator for the prevalence of wage indexation, characteristics of national wage indexation schemes are weighted by country shares in euro area private sector employment.
For most of the employees covered by automatic wage indexation, the inflation measure is backward-looking and includes energy. These indexation mechanisms are usually backward-looking with inflation measures that include energy. For more than half of the employees in the euro area, inflation does not play a formal role in wage setting but can be an important factor in wage negotiations. Where there is no formal role for inflation, inflation developments can be more easily disregarded in times of high uncertainty, with the focus being on job security instead, for example.
Since the Great Financial Crisis, indexation regimes with a formal role for inflation in wage setting have become somewhat less prevalent in the euro area. Overall, the likelihood of euro area wage-setting schemes triggering second-round effects based on inflation indexation is relatively limited, particularly with regard to energy inflation.
Recent hikes in energy inflation can be expected to lead to some automatic wage increases, mainly in minimum wages in some countries, affecting only a small share of private sector employees. However, a broadly based and automatic pass-through to wage growth through wage indexation mechanisms seems rather unlikely.
During the pandemic labour supply has fallen sharply. It has partially recovered, although it remains substantially below pre-pandemic levels. While labour force was initially affected in a similar way across the largest euro area countries, there was also some heterogeneity across countries and demographic groups. When taking the pre-pandemic trends into account, workers with a low and medium level of education as well as older workers explain the largest part of the current gap to the pre-pandemic trends.
A full recovery of labour force participation to the rising pre-pandemic trend will likely be gradual. The predictive power of equilibrium exchange rate models. Abstract This article reviews three popular equilibrium exchange rate models, the purchasing power parity PPP , behavioural equilibrium exchange rate BEER and macroeconomic balance MB models.
The aim is to address two questions: whether such models help in forecasting real and nominal exchange rates and which macroeconomic fundamentals contain such predictive power. The evidence suggests that real exchange rates adjust over time to their estimated real exchange rate equilibria only in the cases of the PPP and BEER models.
Exploring this empirical regularity, it is possible to draw three important lessons. The first is that such equilibrium adjustment helps to forecast real exchange rates. The second lesson is that this real equilibrium adjustment process helps in forecasting nominal exchange rates, as most of the adjustment toward equilibrium is achieved by currency movements and not by relative price changes.
The third is that most of the forecasting power comes from the exploitation of the mean-reverting properties of real exchange rates rather than an understanding of the relationship between exchange rates and economic fundamentals.
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