The euro-area sovereign debt crisis was characterized by feedback loops between (1) sovereign bond ratings and … circumstance is that the ECB was unable to perform the role of lender of last resort in the sovereign bond markets during the …

We use bank-level information on lending practices from the euro area Bank Lending Survey to construct a new indicator … of credit spreads especially over the recession which followed the euro area sovereign debt crisis. …

We analyse the impact of the Liquidity Coverage Ratio (LCR) on the demand for central bank reserves in the euro area … harmonised euro area standard as a quasinatural experiment, we find evidence that points to LCR-induced demand for reserves … monetary policy and imply that the Eurosystem's balance sheet may need to remain larger than it was prior to the financial …

This paper introduces a new decomposition of euro area headline inflation into core, cyclical and residual components … the ECB for internal or external communication. Hence, it carries additional helpful information for policy … ahead. A pressing issue for ECB monetary policy will be to face -mostly supply-side- inflationary pressure without …

policy in the Euro Area after the Global Financial Crisis. Identification-robust confidence sets computed from Local … unconventional monetary policy shocks along with an `information shock'. In this paper we show that HF surprises in the Euro Area … shock, we consider a third shock, labelled `spread shock', resulting from the ECB management of fragmentation risk in the …

government regulations and supply-side restrictions by commercial banks. Nonetheless, overall demand for euro cash remained … digital euro have become more perceptible, its fundamental design properties remain unknown. We propose a double pre … online instant payments. The issuance of a digital euro would be neutral to total money supply as banks act only as …

(CBDC) in the euro area and proposes a possible design of a digital euro that allows for instant offline payments. Cash … regulations and supply-side restrictions by commercial banks. Nonetheless, overall demand for euro cash remained strong and even … online instant payments. Since anonymity is categorically discarded by the ECB and as cash has some special advantages from a …