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The Polish national recovery and resilience plan (NRRP) – Krajowy Plan Odbudowy – is the third biggest plan under the Recovery and Resilience Facility (RRF). It totals €54.7 billion, including €25.3 billion in grants and €29.4 billion in loans. The loan component has been reduced from €34.5 billion following the decrease in the level of implementation of several measures. Poland's NRRP has been revised four times, first on 8 December 2023 to add the REPowerEU chapter. The latest amendment was approved ...

Portugal is set to receive €21.9 billion in grants and loans from the Recovery and Resilience Facility (RRF), the EU response to the crisis triggered by the COVID 19 pandemic. This amount corresponds to 2.9 % of the entire RRF, or 10.2 % of Portugal's 2019 gross domestic product (GDP), and includes RRF grants (€15.5 billion), RRF loans (€5.6 billion), REPowerEU grants (€0.7 billion) and Portugal's share (€0.1 billion) from the Brexit Adjustment Reserve. This is the result of the latest revision of ...

This paper presents the aggregated results of a survey conducted among Members of the Monetary Policy Expert Panel (MPEP) ahead of the February 2026 Monetary Dialogue with ECB President Christine Lagarde. The opinions expressed in this document are the sole responsibility of the survey respondents and should not be attributed to the European Parliament or its services.

This paper assesses the ECB’s monetary policy stance and communication amid declining inflation, persistent uncertainty, and renewed external risks. It documents how trade-policy shocks and global spillovers affect inflation surprises, highlights substantial cross-country inflation heterogeneity within the euro area, and shows that common shocks generate uneven national responses. Using a novel multi-agent LLM framework, it evaluates ECB communication, revealing strengths during active policy adjustments ...

The ECB anticipates stable growth and inflation, while Europe is faced with geopolitical threats, lack of competitiveness and fiscal challenges. At such a time, central bankers need to consider the dynamics of risk scenarios that arise from potentially mis-aligned or mis-perceived trends and policy-relevant parameters and prepare for timely policy responses. This paper focusses on potentially unsustainable fiscal trends, potential growth misperceptions and their implications for inflation developments ...

In this issue: ECB keeps key rates unchanged for the fifth consecutive time; ECB enhances repo lines for other central banks to support global liquidity and monetary policy transmission; Fed holds policy rates steady; Trade tensions have eased in the recent months; More than half of MPEP members consider the ECB’s monetary policy stance as appropriate, while around quarter find it slightly restrictive; Special focus on food inflation and labour market developments in the euro area

This paper examines the persistent upward bias in euro area households’ inflation perceptions and expectations, even when realized inflation is near the ECB’s target. It discusses behavioural and informational drivers of this bias, its implications for consumption, wage setting, and monetary policy transmission, and the challenges it poses for ECB communication and credibility. The study concludes that improved monitoring and household-oriented communication are essential. This document was provided ...

Makis Keravnos, Minister for Finance of Cyprus, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Cyprus Presidency (January - June 2026). According to Article 121 of the Treaty on the Functioning of the European Union, “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. This document provides an overview of the Cyprus Presidency's priorities in ECON matters, including ...

This document compares the draft 2026 Recommendation for the economic policy of the Euro Area proposed by the European Commission on 25 November 2025 with the 2026 Euro Area Recommendation approved by the Council (ECOFIN) on 17 February 2026.

The European Investment Bank (EIB), part of the European Investment Bank Group (EIB Group) - which also includes the European Investment Fund, plays a central role in advancing the European Union’s investment agenda, combining substantial financing capacity with close strategic alignment to EU policy objectives. In 2025, the EIB Group achieved record levels of financing (EUR 100 billion of new financing), with particularly strong performance in climate action, energy security and economic, social ...