describe how asset encumbrance has evolved in euro area banks, focusing on country and business model aggregates. Second, we …

are many reasons behind this dislocation, since 2014 the divergence in monetary policy between the euro area and the … currency basis. The downward pressure on yields, exerted by the APP, has made euro assets less attractive and has led investors … corporate issuers to the euro market in search of cheaper funding costs. These cross-border flows from issuers and investors …

Over recent years, several euro area countries have registered large and persistent net foreign liabilities. This paper …) programme countries and, to a lesser extent, the euro area countries in central and eastern Europe. The net foreign liabilities … external positions of the euro area debtor countries are relatively low at the current juncture, although the burden could …

distinct convergence clubs, with the euro area and the United States respectively at their core. In line with the theoretical …

share of non-performing loans (NPLs) on the balance sheets of euro area banks. The first is the coverage expectations for … assessment of the package is analysed via a semi-structural model, the Banking Euro Area Stress Test (BEAST). The coverage …