Appia will shape development of European tokenised financial ecosystemCentral bank money to remain anchor of financial system amid digital transformationAppia roadmap sets out Eurosystem objectives and approach, expected to conclude in 2028The Eurosystem today published the roadmap for Appia, a strategic initiative to shape the development of a Europe...
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the 2026 US Monetary Policy ForumThe post-pandemic inflation surge placed severe strain on our societies, fuelled political frustration and amplified institutional distrust. It also hit the most vulnerable hardest – those with low incomes and without real assets.But although the scars...
Economic forecasts rarely hit the mark as reality is full of surprises. Thankfully we can learn from the patterns of forecast errors. They shed light on the types of shocks that are shaping the economy beyond what forecasts anticipated.Forecast errors are often seen as unavoidable gaps between forecasts and reality.[1] Nobody likes to make mistakes, s...
ECB reports loss of €1.3 billion (2024: loss of €7.9 billion)Losses will be offset against future profitsThe financial statements of the European Central Bank (ECB) for 2025 show a loss of €1,254 million, which is much lower than the loss of €7,944 million reported in 2024, owing mainly to a significant reduction in net interest expense. The 2025 loss,...
Consolidated financial statement of the Eurosystem as at 20 February 2026
Economic, financial and monetary developmentsSummaryAt its meeting on 5 February 2026, the Governing Council decided to keep the three key ECB interest rates unchanged. Its updated assessment reconfirmed that inflation should stabilise at its 2% target in the medium term. The economy remains resilient in a challenging global environment. Low unemployment, ...
In the week ending 13 February 2026 the net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.8 billion to EUR 333.6 billion.The net balance of open market operations and standing facilities (asset item 5 minus liability i...
The aggregate of total assets of EU-headquartered credit institutions increased by 0.95%, from €33.12 trillion in September 2024 to €33.44 trillion in September 2025During the same period, EU credit institutions’ aggregate non-performing loans ratio[1] increased by 0.01 percentage points year on year to stand at 1.97% in September 2025EU ...
Interconnections between EU banks and the non-bank financial intermediation (NBFI) sector can give rise to systemic risksSystemic risks stem from concentrated short-term funding from NBFI entities to banks and bank lending to leveraged NBFI entitiesGranular data are crucial to assess bank-NBFI linkages, but data gaps constrain analysisThe European Central ...
ECB wage tracker updated with wage agreements signed up to mid-January 2026; forward-looking horizon remains unchanged at end-December 2026Forward-looking information continues to indicate that negotiated wage growth will level off at below 3% by the end of 2026ECB wage tracker with unsmoothed one-off payments at 3.0% in 2025 and 2.7% in 2026The European C...
