ECB
ECB maintains key rates, updates inflation and growth outlook
The European Central Bank's Governing Council decided to keep its three key interest rates unchanged at its December 18, 2025 meeting.
Paper
BIS
Simple Tests for the Correct Specification of Conditional Predictive Densities
A new working paper proposes a simplified framework for evaluating conditional predictive densities based on the probability integral transform (PIT).
ECB
Euro area household saving rate remains elevated amid income shifts
The euro area household saving rate rose from mid-2022 to mid-2024, stabilizing at an elevated 15.4 percent.
BIS
Cleveland Fed paper finds trade liberalization reduces wage inequality
A new Federal Reserve Bank of Cleveland working paper finds that Spain's 1993 entry into the European Single Market (ESM) reduced wage inequality.
BIS
BIS Study Finds Bank Interest Rate Risk Alters Monetary Policy Transmission
A new Bank for International Settlements (BIS) working paper finds that banks with higher ex-ante interest rate risk reduce lending and shorten loan maturities when policy rates rise.
ECB
ECB reports continued decline in euro area excess liquidity, rates stable
The Eurosystem's excess liquidity in the euro area banking system continued its gradual decline from July to November 2025.
ECB
ECB study links labour hoarding to firms' future cost expectations
A new study from the European Central Bank (ECB) links firms' labour hoarding decisions to their expectations about future business conditions.
ECB
ECB research refines trade policy uncertainty measures
A new European Central Bank study highlights limitations of text-based trade policy uncertainty measures, proposing a refined indicator for more accurate macroeconomic analysis.
ECB
Bulgaria adopts the euro, becoming the 21st member of the euro area
Bulgaria officially adopted the euro on January 1, 2026, becoming the 21st member of the euro area following formal approval by the Council of the European Union on July 8, 2025.
ECB
ECB paper links bank credit shocks to firm investment dynamics
A new European Central Bank working paper investigates how credit supply shocks impact firm-level investment across the euro area.
ECB
ECB enhances short-term forecasting models for euro area activity
The European Central Bank has enhanced its short-term forecasting models for euro area economic activity.