European Central Bank
ECBPaper
Uncertainty, especially financial, explains low credit line use by firms
A comprehensive Swedish credit register reveals that firms often do not fully utilize available credit lines, even with low interest rates.
Focus
ECBPaper
Earnings manipulation signals weakly reflected in bank credit risk models
An ECB Occasional Paper reveals that signals of earnings manipulation are not fully absorbed by banks' internal credit risk models, particularly for firms not overtly flagged.
ECBPaper
Study reveals distinct crypto user profiles and cash interaction
A new European Central Bank working paper reveals distinct profiles for crypto-asset owners and payers in the euro area.
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ECBDecoder
Europe's energy dependence risks price stability, urges clean transition
Frank Elderson, Member of the Executive Board of the European Central Bank, warns that Europe's reliance on imported fossil fuels increasingly complicates the task of maintaining price stability.
ECBPaper
Central clearing dampens repo specialness, stabilizes pricing in stress
A new ECB working paper finds that central clearing dampens 'specialness' in repo markets during normal times but stabilizes pricing during stress.
ECBDecoder
Euro area banks adjust to declining reserves, preparing for increased ECB operations
An ECB blog post explains how euro area banks are adapting to significantly lower central bank reserves.
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ECBPaper
Interlinking fast payment systems boosts international trade
The European Central Bank highlights that interlinking fast payment systems could increase international trade by approximately 4 percent.
ECBPaper
Extreme market states amplify oil price responses to shocks
Oil prices react non-linearly to shocks, with responses significantly amplified when market conditions, such as investment fund positions, supply-demand imbalances, and inventories, reach extreme levels.
ECBPaper
New Macro-Finance FCI for euro area outperforms existing indices
A new European Central Bank (ECB) working paper introduces a novel Macro-Finance Financial Conditions Index (FCI) for the euro area.
ECBPaper
Public investment efficiency crucial amid European fiscal constraints
Public investment has declined in several European countries since the crisis, despite calls for stimulus in a low interest rate environment.
ECBPaper
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.
ECBSpeech
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.