On May 2 the ECB has decreased the interest rate on the main refinancing operations of the Eurosystem by 25 basis points, to 0.50%, starting from the operation to be settled on 8 May 2013. The interest rate on the marginal lending facility will also be decreased by 50 basis points, to 1.00%....

This paper makes inquiries into the adjustment and evolution of the exchange rate towards its new long-run equilibrium level following a change in money supply. Joint and sequential effects of interest rate parities and sticky prices on the rise, from the short-term through to the long-run...

Many studies about the economic sustainability of Catalonia as an independent state have already been published. However most of them are published by experts who are either proponents of the independence or are opponents. Therefore these studies are often biased because they try to prove a...

Deposit outflows and a decrease of interbank funding have been compensated by increased borrowing of Greek banks to the Eurosystem. Due to collateral eligibility constraints, most of this funding shifted to ELA. The ECB could raise the haircut rates on the collateral pledged by Greek banks to...

To fight deflationary pressures in the euro area, the ECB has been conducting exceptional policies, such as negative interest rates on excess reserves of banks on their accounts at the Eurosystem, or massive purchases of assets, essentially public bonds. The interest rate on the main refinancing...

Since the launch of the euro, French and German industrial productions have extremely diverged. French manufacturing production decreased while German manufacturing industry very strongly increased. The decrease or stagnation of exports of French products contrasts with the strong increase of...

The structural heterogeneity of the Euro Zone is well described by the net external financial positions  of the different countries. The countries with the highest external debts are those who were particular ly affected when the sovereign debt crisis started. The announcement by the ECB of the...