European Central Bank
ECBSpeech
Digital euro pilot set for 2027 ahead of potential 2029 issuance
A 12-month digital euro pilot will begin in the second half of 2027, paving the way for potential issuance during 2029.
Focus
ECBPaper
Firm size composition accounts for one-third of EU productivity gap
The European Central Bank published an analysis backing the European Commission's proposed EU Inc. corporate framework.
ECBPaper
AI and the stock price signal: faster, but fainter
A discussion paper by researchers from the ECB, AFM, Oxford, and HEC Paris examines how artificial intelligence transforms securities markets.
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ECBPaper
Securitising banks cut lending 10 percent more after rate increases
A European Central Bank (ECB) working paper finds that banks active in securitisation reduce credit supply by 6 to 10 percent more over one year following a one percentage point policy rate increase compared to matched peers, driven by shifts in synthetic risk transfers.
ECBNews
Euro banknote redesign survey draws 9.96 million participants
A total of 9.96 million people participated in the European Central Bank's public survey on the future design of euro banknotes between July 23 and September 21, 2026.
ECBPaper
Chinese industrial rise erodes EU market share in capital goods
China's rapid industrial expansion has intensified export competition across the European Union between 2019 and 2025, hitting manufacturing-intensive economies like Germany hardest in machinery and transport equipment.
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ECBPaper
AI earnings drive US stocks as concentration hits 95th percentile
Expectations of rising corporate profits from artificial intelligence are driving US equity valuations and insulating markets from shocks, an ECB analysis finds.
ECBSpeech
Second energy wave delays inflation return to mid-2027, Lane says
European Central Bank Executive Board member Philip R. Lane stated that a second wave of energy price increases will keep inflation higher for longer.
ECBPaper
Middle East conflict lifts input costs for 79 percent of firms
Euro area firms face elevated input cost expectations following the Middle East conflict, with small enterprises and trade sectors reporting the highest exposure, according to the ECB SAFE survey for the second quarter of 2026.
ECBNews
Pontes launches central bank settlement for tokenised assets
The Eurosystem launched Pontes on September 21, 2026, enabling wholesale transactions in tokenised assets to settle in central bank money.
ECBNews
Tokenised bonds enter own funds portfolio via Pontes settlement
The European Central Bank launched preparatory work on September 21, 2026, to invest a portion of its own funds in tokenised securities.
ECBPaper
Buffer fragmentation reduces corporate lending by 50 basis points
European Central Bank researchers Markus Behn, Marco Forletta, and Alessio Reghezza found that capital buffer fragmentation reduces corporate lending growth by 50 basis points.