European Central Bank
Trade wars offer fragile gains, then losses for non-targeted economies
A new European Central Bank working paper finds that non-targeted countries initially benefit from trade diversion in bilateral trade wars.
Focus
Digital euro crucial for Europe's payment autonomy in fragmented world
ECB Executive Board Member Piero Cipollone highlighted the digital euro's role in strengthening Europe's payment resilience and strategic autonomy.
Euro area firms accelerate AI adoption and investment
New survey data reveals that 38 percent of euro area firms are at an advanced stage of AI adoption, with significant investment plans extending to 2026.
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RRF boosts institutional quality in Italy, mixed evidence for other EU states
An ECB working paper finds that the EU's Recovery and Resilience Facility (RRF) has led to robust improvements in institutional quality in Italy.
Model-based assessment reveals global risks from rare earth export controls
An ECB Occasional Paper assesses the global macroeconomic consequences of rare earth supply disruptions.
Tracking inflation expectations during surge and return to target
The European Central Bank presents a new statistical model that transforms infrequent survey data into a dense, monthly grid of inflation expectations.
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Severe weather shocks amplify US financial instability, impact investment
An ECB working paper quantifies the effect of severe weather shocks on the US economy, finding impacts are sizable only in periods of financial instability.
Euro area digital investment shows robust growth, lags US
Euro area business investment in digital assets has shown robust growth over the past decade, significantly outpacing tangible asset expansion.
Eurosystem unveils comprehensive payments strategy for digital era
The Eurosystem has unveiled a comprehensive payments strategy to foster an innovative and competitive European market.
Eurosystem updates retail payments strategy, focusing on digital euro and resilience
The Eurosystem has updated its retail payments strategy, emphasizing pan-European solutions, the digital euro, and increased resilience.
Trade policy uncertainty slows euro area growth and investment
Trade policy uncertainty has significantly increased, reaching historical highs and weighing on euro area activity throughout 2025.
Integrated supervision crucial for Europe's capital market integration
A new ECB paper highlights the fragmented supervisory architecture for EU capital markets, which is increasingly misaligned with cross-border market realities.