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On January 18, 2025, 05:54 AM UTC, https://www.ecb.europa.eu/home/html/index.en.html was accessible when tested on AS21334 in Hungary.
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<div class="title">Payments & financial stability</div>
<p>Insights into our work on financial stability and payments and market infrastructures</p>
<a href="/paym/html/index.en.html">Overview of payments and financial stability</a>
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<div class="image-caption">Latest Financial Stability Review</div>
<div class="image-date">16 May 2024</div>
</a>
</div></div><ul><li class="clearfix"><span>Payments</span></li><li class="has-subpages"><a href="/paym/target/html/index.en.html">TARGET Services</a><a href="#" class="subpages" title="toggle subpages for TARGET Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.en.html">Shared features</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.en.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.en.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" class="subpages" title="toggle subpages for TARGET professional use documents & links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared features documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html">T2 documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html">T2S documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html">TIPS documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item">
<div class="title">Statistics</div>
<p>Access to all ECB statistics and background information</p>
<a href="/stats/html/index.en.html">Overview of ECB statistics</a>
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<li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li>
<li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li>
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<a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover">
<div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div>
<div class="image-date">18 April 2024</div>
</a>
</div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item">
<div class="title">The euro</div>
<p>All you need to know about our common currency</p>
<a href="/euro/html/index.en.html">Overview of the euro</a>
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<img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover">
<div class="image-caption">Study on the payment attitudes of consumers in the euro area (SPACE) – 2024</div>
<div class="image-date">19 December 2024</div>
</a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth 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<h2>Accepting the reality of climate risks</h2>
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<p>We would not be doing our job properly if we ignored climate and nature-related risks, Executive Board member Frank Elderson tells Het Financieele Dagblad. As central bank for the euro area, we need to capture the significance of these risks in our economic models.</p>
<a href="/press/inter/date/2025/html/ecb.in250117~ea23b381f0.en.html" class="button">Read Frank Elderson’s interview</a>
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<span class="date">16 January 2025</span>
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Nice talking to you: highlights from 100 episodes <br></h3>
<p>We have reached 100 episodes of The ECB Podcast! Our hosts Stefania Secola and Paul Gordon reflect on their favourite episodes and welcome two special guests to the show.</p>
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<span class="date">16 January 2025</span>
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Account of the December monetary policy meeting <br></h3>
<p>The Governing Council decided to cut interest rates. Incoming information and the latest staff projections indicated that the disinflation process remained well on track. Members were increasingly confident that inflation would return to target in the first half of 2025.</p>
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<span class="date">17 January 2025</span>
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Espresso Economics: new ECB YouTube channel <br></h3>
<p>Our new YouTube channel makes economics accessible to all. With fun and informative weekly videos, we bring financial concepts to life and help viewers better understand their daily decisions. Subscribe to learn how economics can help you see the world in a different light!</p>
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<dt isoDate="2025-01-17"><div class="date">17 January 2025</div></dt><dd><div class="category">BALANCE OF PAYMENTS (MONTHLY)</div><div class="title"><a href="/press/stats/bop/2025/html/ecb.bp250117~ce1c7226d7.en.html" >Euro area monthly balance of payments: November 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/stats/bop/2025/html/ecb.bp250117~ce1c7226d7.en.html">
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<span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a></div></div></div></dd><dt isoDate="2025-01-09"><div class="date">9 January 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250109~f88fb55cf4.en.html" >Piero Cipollone: Interview with Corriere della Sera</a></div><div class="subtitle">Interview with Piero Cipollone, conducted by Federico Fubini</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250109~f88fb55cf4.en.html">
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<span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a></div></div></div></dd><dt isoDate="2024-12-04"><div class="date">4 December 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241204~20c888bea1.en.html" >Christine Lagarde: How to turn European savings into investment, innovation and growth</a></div><div class="subtitle">Contribution by Christine Lagarde, President of the ECB to The Economist </div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241204~20c888bea1.en.html">
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<dt isoDate="2025-01-15"><div class="date">15 January 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog.20250115~f016f263dd.en.html" >Exploring an uncertain future with the help of scenarios</a></div><div class="subtitle">Central banks project future developments based on past data patterns and a set of assumptions. Crises can change economic structures, complicating this forecasting. The ECB Blog explains how scenario, risk and sensitivity analyses address the new uncertainty.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/matteo-ciccarelli.en.html" >Matteo Ciccarelli</a></li><li><a href="/pub/research/authors/profiles/matthieu-darracq-paries.en.html" >Matthieu Darracq Pariès</a></li><li><a href="/pub/research/authors/profiles/bettina-landau.en.html" >Bettina Landau</a></li><li><a href="/pub/research/authors/profiles/joao-sousa.en.html" >João Sousa</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog.20250115~f016f263dd.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E37</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications<br/><strong>E47</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Forecasting and Simulation: Models and Applications<br/><strong>C15</strong> : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Statistical Simulation Methods: General<br/></dd></dl></div></div></dd><dt isoDate="2025-01-10"><div class="date">10 January 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250110~e14843779d.en.html" >Public vs. private R&D: impacts on productivity</a></div><div class="subtitle">Investments in R&D typically foster productivity growth. But the funding source matters. The ECB Blog shows that publicly funded R&D complements private investments and has greater effects on productivity growth because of its larger spillovers.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/arnaud-dyevre.en.html" >Arnaud Dyevre</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250110~e14843779d.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>O47</strong> : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→Measurement of Economic Growth, Aggregate Productivity, Cross-Country Output Convergence<br/><strong>O30</strong> : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→General<br/><strong>H50</strong> : Public Economics→National Government Expenditures and Related Policies→General<br/></dd></dl></div></div></dd><dt isoDate="2025-01-08"><div class="date">8 January 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250108~5b33e426a3.en.html" >Working from home: Effects on housing demand and inequality</a></div><div class="subtitle">The rise of working-from-home during the pandemic dramatically changed the way we organise work. And teleworking is transforming more than just our professional lives: The ECB Blog looks at how this shift is affecting the housing market and inequality.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/morgane-richard.en.html" >Morgane Richard</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250108~5b33e426a3.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>R21</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Household Analysis→Housing Demand<br/><strong>R31</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Housing Supply and Markets<br/><strong>J60</strong> : Labor and Demographic Economics→Mobility, Unemployment, Vacancies, and Immigrant Workers→General<br/></dd></dl></div></div></dd><dt isoDate="2025-01-06"><div class="date">6 January 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250106~7a7fd7104b.en.html" >Portfolio rebalancing: investors’ safe asset substitution patterns</a></div><div class="subtitle">When returns on safe assets fall, investors move some of their money to riskier assets. This ECB Blog shows: US Treasuries are replaced by global bonds, while German Bunds substitutes are mostly from Europe. This effect is smaller in times of market stress.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/tsvetelina-nenova.en.html" >Tsvetelina Nenova</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250106~7a7fd7104b.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>G11</strong> : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions<br/><strong>G12</strong> : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates<br/><strong>G15</strong> : Financial Economics→General Financial Markets→International Financial Markets<br/></dd></dl></div></div></dd><dt isoDate="2024-12-18"><div class="date">18 December 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241218~1b3de009b4.en.html" >The ECB wage tracker: your guide to euro area wage developments</a></div><div class="subtitle">The growth of negotiated wages is expected to ease in 2025. This is the information emerging from the ECB wage tracker, which we will publish on a regular basis from now on. The ECB Blog explains the tool and how it can help monitor wage pressures in the euro area.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/colm-bates.en.html" >Colm Bates</a></li><li><a href="/pub/research/authors/profiles/vasco-botelho.en.html" >Vasco Botelho</a></li><li><a href="/pub/research/authors/profiles/sarah-holton.en.html" >Sarah Holton</a></li><li><a href="/pub/research/authors/profiles/marc-roca-i-llevadot.en.html" >Marc Roca I Llevadot</a></li><li><a href="/pub/research/authors/profiles/mirko-stanislao.en.html" >Mirko Stanislao</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241218~1b3de009b4.en.html">
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<dt isoDate="2025-01-16"><div class="date">16 January 2025</div></dt><dd><div class="category">RESEARCH BULLETIN - No. 127</div><div class="title"><a href="/press/research-publications/resbull/2025/html/ecb.rb250116~b428fdb4db.en.html" >How tightening mortgage credit raises rents and increases inequality in the housing market</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/juan-castellanos.en.html" >Juan Castellanos</a></li><li><a href="/pub/research/authors/profiles/andrew-hannon.en.html" >Andrew Hannon</a></li><li><a href="/pub/research/authors/profiles/gonzalo-paz-pardo.en.html" >Gonzalo Paz-Pardo</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/research-publications/resbull/2025/html/ecb.rb250116~b428fdb4db.en.html">
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<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Housing affordability is at the centre of the political debate in many euro area countries. With steadily increasing rents and house prices still high relative to historical standards, many young households, particularly in large cities, are devoting an ever larger share of their income to housing expenses, and are finding it increasingly hard to access their desired size and quality of housing. At the same time, in the aftermath of the global financial crisis, many authorities tightened credit conditions by introducing limits to mortgage debt for banks or for borrowers themselves (borrower-based measures). These interventions were successful in improving financial stability, which was their key objective. In this article we point to an overlooked potential downside of these policies and other restrictive shocks to credit: limiting access to mortgage credit and, therefore, to homeownership, can spill over into the rental market, pushing up rents and having a negative welfare impact on some households – particularly the young and those on low incomes.</dd><dt>JEL Code</dt><dd><strong>D15</strong> : Microeconomics→Household Behavior and Family Economics<br/><strong>E21</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth<br/><strong>E30</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→General<br/><strong>E51</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers<br/><strong>G51</strong> : Financial Economics<br/></dd></dl></div></div></dd><dt isoDate="2025-01-15"><div class="date">15 January 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3013</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3013~4e62b9739e.en.pdf?733e519d10fd535f4c089c20499412bd" >Flexible asset purchases and repo market functioning</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/adriana-grasso.en.html" >Adriana Grasso</a></li><li><a href="/pub/research/authors/profiles/andrea-poinelli.en.html" >Andrea Poinelli</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3013~4e62b9739e.en.pdf">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Flexibility has progressively become a distinctive feature of the implementation of the Eurosystem’s asset purchases. In its many manifestations, flexibility has also been used by asset managers in the daily selection of sovereign bonds to limit the impact of asset purchases on repo market specialness. This study shows that, since the inception of the Public Sector Purchase Programme, flexible purchases of bonds greatly mitigated the Eurosystem’s footprint on the repo market.</dd><dt>JEL Code</dt><dd><strong>E50</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General<br/><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>G10</strong> : Financial Economics→General Financial Markets→General<br/><strong>G18</strong> : Financial Economics→General Financial Markets→Government Policy and Regulation<br/></dd></dl></div></div></dd><dt isoDate="2025-01-15"><div class="date">15 January 2025</div></dt><dd><div class="category">MACROPRUDENTIAL BULLETIN - FOCUS - No. 26</div><div class="title"><a href="/press/financial-stability-publications/macroprudential-bulletin/focus/2025/html/ecb.mpbu202501_focus02.en.html" >Investment funds’ financial leverage – material and systemic?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/emanuele-franceschi.en.html" >Emanuele Franceschi</a></li><li><a href="/pub/research/authors/profiles/simon-koerdel.en.html" >Simon Kördel</a></li><li><a href="/pub/research/authors/profiles/oscar-schwartz-blicke.en.html" >Oscar Schwartz Blicke</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/macroprudential-bulletin/focus/2025/html/ecb.mpbu202501_focus02.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This box studies how euro area investment funds use repurchase agreements and margin lending to build up leverage. Hedge funds are more likely to be leveraged in non-euro currencies sourced from foreign banks. On average, financial leverage is relatively low and diversified, though pockets of risk and strong connections with the banking sector warrant continued monitoring.</dd><dt>JEL Code</dt><dd><strong>G11</strong> : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions<br/><strong>G15</strong> : Financial Economics→General Financial Markets→International Financial Markets<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2025-01-15"><div class="date">15 January 2025</div></dt><dd><div class="category">MACROPRUDENTIAL BULLETIN - FOCUS - No. 26</div><div class="title"><a href="/press/financial-stability-publications/macroprudential-bulletin/focus/2025/html/ecb.mpbu202501_focus01.en.html" >Central clearing and the growing presence of non-bank financial intermediation in euro area government bond repo markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/charles-odonnell.en.html" >Charles O’Donnell</a></li><li><a href="/pub/research/authors/profiles/fabio-tamburrini.en.html" >Fabio Tamburrini</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/macroprudential-bulletin/focus/2025/html/ecb.mpbu202501_focus01.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Mandating the use of central clearing of government bond repos is one way to mitigate financial stability risks from the rise of the non-bank sector in these markets. By imposing stricter risk management practices, it can limit the build-up of excessive NBFI leverage ex ante and support intermediation capacity. However, its impact on market functioning and liquidity requires careful assessment.</dd><dt>JEL Code</dt><dd><strong>G18, G23, G28</strong> : Financial Economics→General Financial Markets→Government Policy and Regulation<br/></dd></dl></div></div></dd><dt isoDate="2025-01-15"><div class="date">15 January 2025</div></dt><dd><div class="category">MACROPRUDENTIAL BULLETIN - ARTICLE - No. 26</div><div class="title"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202501_05~3ab38fdc0c.en.html" >System-wide implications of counterparty credit risk</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/claudio-barbieri.en.html" >Claudio Barbieri</a></li><li><a href="/pub/research/authors/profiles/maciej-grodzicki.en.html" >Maciej Grodzicki</a></li><li><a href="/pub/research/authors/profiles/grzegorz-halaj.en.html" >Grzegorz Hałaj</a></li><li><a href="/pub/research/authors/profiles/riccardo-pizzeghello.en.html" >Riccardo Pizzeghello</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202501_05~3ab38fdc0c.en.html">
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