In this article, we draw on rich micro-level data from the ECB’s Consumer Expectations Survey (CES), covering the 11 largest euro area countries. Our findings suggest that many consumers would be open to using central bank money in digital form – a digital equivalent of cash. Under normal conditions, this digital equivalent of cash would primarily be use...
Assets (EUR millions)BalanceDifference compared with last week due to transactionsTotals/sub-totals may not add up, due to rounding1Gold and gold receivables1,128,57302Claims on non-euro area residents denominated in foreign currency502,1081,8012.1Receivables from the IMF224,8011422.2Balances with banks and security investments, external loans and other ex...
Jump to the transcript of the questions and answersGood afternoon, the Vice-President and I welcome you to our press conference.The Governing Council today decided to keep the three key ECB interest rates unchanged. Our updated assessment reconfirms that inflation should stabilise at our two per cent target in the medium term.The new Eurosystem staff proje...
Governing Council endorses recommendations of High-Level Task Force on Simplification, which include:reducing the number of elements in the risk-weighted and leverage ratio frameworkintroducing a materially simpler prudential regime for smaller banks, which expands on the existing EU regimeintroducing a European governance mechanism that takes a holistic v...
1. Review of financial, economic and monetary developments and policy optionsFinancial market developmentsMs Schnabel started her presentation by noting that since the Governing Council’s previous monetary policy meeting on 10-11 September 2025, financial markets had once again shown resilience to shocks. The risk appetite of investors in the euro area st...
Stretched valuations in increasingly concentrated asset markets raise risk of sharp price adjustmentsFiscal challenges in some advanced economies could test investor confidenceExposures to tariff-sensitive firms and stronger funding ties with non-banks could strain euro area banks during periods of economic or market stressEuro area banking sector is resil...
Prepared by Marianna Caccavaio, Carlo Cascini, Cyril Couaillier, Giorgia De Nora, Mara Pirovano and Frances ShawPublished as part of the Macroprudential Bulletin 32, November 2025.Early activation of the countercyclical capital buffer (CCyB), including adoption of a targeted “positive neutral” rate (PNR), has become an increasingly common practice w...
Economic, financial and monetary developmentsSummaryAt its meeting on 30 October 2025, the Governing Council decided to keep the three key ECB interest rates unchanged. Inflation remains close to the 2% medium-term target and the Governing Council’s assessment of the inflation outlook is broadly unchanged. The economy has continued to grow despite the cha...
New phase will ensure technical readiness for first issuanceIf legislation in place in the course of 2026, a pilot exercise could start in 2027 and the Eurosystem should be ready for a potential first issuance of the digital euro during 2029Preparation phase begun in November 2023 has successfully concludedThe Governing Council of the European Central Bank...
Jump to the transcript of the questions and answersGood afternoon, the Vice-President and I welcome you to our press conference. I would like to thank Governor Panetta for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council.The Governing Council today decided to kee...
