Headline and core HICP inflation expectations unchanged across all horizonsReal GDP growth expectations unchanged except for a slight upward revision for 2026Unemployment rate expectations unchanged for 2026 and 2027 but slightly lower thereafterRespondents’ expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP)...
Jump to the transcript of the questions and answersGood afternoon, the Vice-President and I welcome you to our press conference.We would like to begin by congratulating Bulgaria on joining the euro area on 1 January 2026. We also warmly welcome Dimitar Radev, the Governor of Българска народна банка (Bulgarian National Bank), to th...
Consolidated financial statement of the Eurosystem as at 23 January 2026
New provisions allow conditional reinstatement of access to Eurosystem monetary policy operations for entities subject to an open bank resolution schemeUpdates are a further step in gradually phasing out temporary collateral easing measuresThe European Central Bank (ECB) today published amendments to its guidelines on the implementation of monetary policy ...
In the week ending 16 January 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 1.2 billion to EUR 331.6 billion.The net balance of open market operations and standing facilities (asset item 5 minus liability items 2...
Economic, financial and monetary developmentsOverviewAt its meeting on 18 December 2025, the Governing Council decided to keep the three key ECB interest rates unchanged. Its updated assessment reconfirmed that inflation should stabilise at the 2% target in the medium term.According to the December 2025 Eurosystem staff macroeconomic projections for the eu...
Firms that have faced adverse shocks to their business activity can decide to either shed labour or hold on to their workforce, i.e. “hoard labour”. Labour hoarding occurs when firms are willing to retain their workforce even when facing a weakening of current and/or expected business conditions, for example related to lower demand or reduced profit...
Households' financial investment increased at broadly unchanged annual growth rate of 2.7% in third quarter of 2025Non-financial corporations' financing increased at unchanged annual rate of 1.6%Non-financial corporations' gross operating surplus increased at higher annual rate of 2.6%, compared to 2.4% in previous...
Assets (EUR millions)BalanceDifference compared with last week due to transactionsTotals/sub-totals may not add up, due to rounding1Gold and gold receivables1,279,46202Claims on non-euro area residents denominated in foreign currency504,736−6682.1Receivables from the IMF226,881−152.2Balances with banks and security investments, external loans and other e...
Are independent central banks better at ensuring price stability? A study of 155 central banks over 50 years shows why independence makes a difference. Central banks that are shielded from government control are able to pursue more credible monetary policies and are therefore better at keeping prices stable.Recent political pressure on central banks in som...
