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

A digital euro would provide the general public with an additional means of payment in the form of risk-free central … bank money in digital form that is universally accepted for digital payments across the euro area. A digital euro would … strategic autonomy and monetary sovereignty of the euro area in the digital era. It would be designed to have no material impact …

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 …