European Central Bank
ECB
Paper
Carbon pricing causes employment decline, especially in polluting jobs
An ECB Working Paper estimates that a 1% increase in EU-ETS carbon prices leads to a 0.2% decline in aggregate employment after 18 months.
Focus
ECB
Decoder
Middle East war shifts euro area firms' expectations
A recent ECB survey indicates that the war between the United States and Iran has immediately increased euro area firms' expectations for input costs, selling prices, and short-term inflation.
ECB
Paper
Private credit stress: limited direct euro area exposure
Recent stress in global private credit markets, particularly in the US, has raised concerns about financial stability risks.
Latest
ECB
Speech
Schnabel signals June rate hike amid persistent inflation
ECB Executive Board Member Isabel Schnabel stated that a rate hike in June 2026 will likely be needed.
ECB
Press
ECB approves stability report, revises payment system fees
The European Central Bank's Governing Council approved the May 2026 Financial Stability Review and a revised T2/Real-Time Gross Settlement (RTGS) pricing policy.
ECB
Speech
Global economic shifts challenge Europe, shape ECB policy
ECB Executive Board Member Philip R. Lane discussed Europe's evolving role in the global economy at the Asian Monetary Policy Forum.
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ECB
Paper
AI architecture shapes financial stability outcomes
A new ECB research bulletin finds that the design of artificial intelligence algorithms fundamentally influences financial stability.
ECB
Paper
Private equity buyouts reshape supply chains, create spillovers
A new ECB study finds that private equity (PE) buyouts propagate significantly through supply chains, boosting suppliers in normal times but increasing pressure during economic downturns.
ECB
Paper
Euro area bond markets integrated, bank loans vary by country
A new ECB working paper finds that corporate bond markets in the euro area are as integrated as those in the US, with market finance premia showing little dependence on the issuer's country of origin.
ECB
Paper
Energy Union vital for EU security, competitiveness, green transition
A new ECB Occasional Paper argues that a genuine European Energy Union is essential to address the EU's reliance on fossil fuels and bolster its industrial competitiveness.
ECB
Decoder
NBFI cross-border flows squeeze euro area firm financing
Non-bank financial institutions (NBFIs) are increasingly diverting financing away from euro area firms.
ECB
Paper
HICP classification update refines inflation data
The Harmonised Index of Consumer Prices (HICP), the European Central Bank's main inflation measure, underwent a major classification update in January 2026.