We estimate regime switching models where the strength of the response of monetary policy to macroeconomic conditions depends on the level of risk associated with the inflation outlook and risk in financial markets. Using quarterly data for the Greenspan period we find that: i) risk in the...

The management report is an integral part of the ECB's Annual Accounts and is designed to provide readers with contextual information related to the financial statements. Given that the ECB's activities and operations are undertaken in support of its policy objectives, its financial position and...

The ECB is part of the Eurosystem, the primary objective of which is to maintain price stability. The ECB's main tasks, as described in the Statute of the ESCB, comprise the implementation of the monetary policy of the European Union, the conduct of foreign exchange operations, the management of...

The purpose of this framework is to describe the role of the Eurosystem in the field of oversight. It updates and replaces the earlier Eurosystem oversight policy framework of July 2011 in view of significant regulatory and institutional changes and market developments that have affected the...

This management report is an integral part of the ECB's annual financial reporting. It provides readers with contextual information on the business of the ECB, its operational framework and the impact of the ECB's operations on its financial statements. This report provides information on the...

The purpose of this brochure is to explain to the Eurosystem's counterparties and other market participants involved in CCBM procedures how the CCBM works, and to give a general overview of the model's main features. For further information, counterparties should contact the national central...