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This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

On 26 July 2012, then ECB President Mario Draghi gave the so-called “whatever it takes” speech, today widely considered as the turnaround point in the European sovereign debt crisis. Shortly after, the European Central Bank (ECB) announced the details of its outright monetary transactions programme (OMT) tool. The speech, together with the OMT announcement, were enough to remove re-denomination risk from sovereign bond markets. OMT was never actually used. 10 years after, in a context of record-high ...

The ECB considers communication a critical instrument in its policy toolkit. Since its creation, the ECB has devoted significant attention to the mechanisms through which it conveys to the public information relevant to its decision-making and ensures its accountability. This policy briefing assesses whether existing ECB communication practises are adequate to continue ensuring the effectiveness and accountability of monetary policy in light of the recent and upcoming challenges that the ECB confronts ...

Inflation expectations: quo vadis?

Analyse approfondie 31-01-2022

Against the backdrop of the recent surge in inflation, we discuss available measures of inflation expectations and implications for monetary policy in the euro area. While long-term expectations are currently still in line with the ECB’s inflation target, the risk of a further rise increases should actual inflation remain high for an extended period of time. If expectations de-anchor the ECB may face difficult trade-offs. This paper was provided by the Policy Department for Economic, Scientific ...

With growing complexity of monetary policy following the global financial crisis, communication gradually became mission-critical for central banks in order to preserve legitimacy and credibility. The public, legislators and financial market participants each require a different type and channel of communication. Looking forward, the aftermath of the COVID-19 crisis will bring considerable challenges for the European Central Bank (ECB)’s communication and accountability in the context of the complex ...

Ten issues to watch in 2022

Analyse approfondie 10-01-2022

This is the sixth edition of an annual EPRS publication aimed at identifying and framing some of the key issues and policy areas that have the potential to feature prominently in public debate and on the political agenda of the European Union over the coming year. The topics analysed encompass achieving zero greenhouse gas emissions while maintaining economic growth, securing supply chains of semiconductors, moving towards sustainable agriculture, ensuring nuclear non proliferation, shaping the economic ...

Payment systems are of vital importance for today's economies and are the core activity of central banks. To adapt to recent trends – including the decline in cash usage, the surge in online commerce and contactless forms of payment, and the creation of cryptocurrencies – central banks have, in recent years, explored the possibility of issuing digital currencies themselves. Proponents of central bank digital currencies (CBDCs) note that, among other things, they can: alleviate the problem of concentration ...

In July 2021, the European Central Bank (ECB), the central bank of the 19 European Union countries that have adopted the euro, completed its first monetary policy strategic review for 18 years. The key change, after 18 months of consultation, was a new interpretation of price stability (the ECB's primary objective) as a symmetric inflation rate of 2 % over the medium term. The aim of this year's review was to adapt monetary policy and central banking to broader macroeconomic trends, such as digitalisation ...

This document presents the organisation and legal bases of the scrutiny dialogues and hearings in the European Parliament in the area of monetary, economic and financial affairs.