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This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 30 June 2022. The briefing addresses: 1) latest developments regarding completion of the Banking Union, 2) excessive leverage, 3) the ECB’s Annual Report on supervisory activities 2021, 4) conduct risk, 5) a snapshot of the euro area banking sector one quarter after the start of the war in Ukraine, 6) statistics on loans subject ...

Inflation has risen to levels not seen in 40 years in the euro area or in many other countries, forcing some central banks to raise interest rates in a context that bodes ill for economic growth. Initially driven by post-pandemic supply shortages and then by soaring energy prices, following Russia's invasion of Ukraine, inflation is now becoming increasingly broadly based, affecting everything from food and services to household goods. Dissatisfaction with the rising cost of living is leading to ...

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 ...

Domino effects of the war

Briefing 03-06-2022

The war Russia unleashed on Ukraine has global repercussions, beyond the death toll and the human tragedy in Ukraine itself, and the resulting refugee flows and wider destabilising effects on Europe's east. This infographic depicts some of the economic consequences of the war, for Europe, but also the rest of the world.

This table provides a regular update on Member States invited for an Economic Dialogue in the competent Committee of the European Parliament and an overview of the respective legal base.

On 24 February 2022, Russia launched an invasion of Ukraine. The war itself, as well as related sanctions and countersanctions are expected to have a significant impact on the euro area economy. This paper summarises the recent monetary policy decisions of the European Central Bank (ECB)'s Governing Council and outlines some policy issues and challenges that might arise in the context of the war, related to price stability, financial stability, climate and energy policies, ECB/Eurosystem staff projections ...

Economic dialogue with Ireland 11 May 2022

Išsami analizė 06-05-2022

This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Pascal Donohoe, Minister of Finance of Ireland, in the ECON committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework.

The close cooperation arrangement for Bulgaria and Croatia poses challenges for the ECB that we discuss in terms of existing and emerging risks and vulnerabilities in the two banking sectors. The focus is on three risk areas: money laundering, climate change risk, and geopolitical tensions related to the Russia-Ukraine conflict. The high political and economic uncertainty arising from this conflict requires a reassessment of existing risks (such as credit and sovereign risks) and sources of new risks ...

Executive Vice-President Dombrovskis and Commissioner Gentiloni have been invited to an Economic Dialogue on the fiscal part of the 2022 European Semester autumn package adopted by the Commission in November 2021. The fiscal elements of the package include the Commission Opinions on euro area 2022 Draft Budgetary Plans, the fiscal policy recommendation for the euro area and some elements of the 2022 Alert Mechanism Report. In March 2020, the general escape clause of the Stability and Growth Pact ...

This note looks at the 2022 recommendation on the economic policies of the euro area proposed by the Commission and agreed by the Council. It also provides an overview of the follow up of the 2021 recommendations, making use of public information and based on proxies such as on how the Eurogroup has integrated euro area recommendations’ concerns in their “thematic discussions” and work programmes. In addition, the note provides a review of the euro area recommendations from an institutional perspective ...