effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX … management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback … equity prices increase by around 1.75% in euro area countries highly exposed via banking linkages to countries whose …

The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to …

The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting … ahead, relying only on relative price adjustments (which adversely affects demand) to rebalance the euro area could prove …

The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area … balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of … the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of …

the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential …

The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets …, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest … lending rates.Given these stresses, the ECB can undertake additional targeted policy measures, including through additional …

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level …. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced … away from securities targeted under the Public Sector Purchase Programme and other euro-denominated debt securities …

This paper explores the determinants of profitability across large euro area banks using a novel approach based on …

Despite closing output gaps and tightening labor markets, inflation has remained low inthe euro area. Based on an … specific to the euro area (in comparison with the United States).Monetary policy needs to stay accommodative to help guide …

Do euro area inflation expectations remain well-anchored? This paper finds that the protractedperiod of low (and below …-target) inflation in the euro area since 2013 has weakened theiranchoring. Testing their sensitivity to inflation and macroeconomic news … observed before in the euro area …