In July 2021 the Eurosystem decided to launch the investigation phase of the digital euro project, which aims to … provide euro area citizens with access to central bank money in an increasingly digitalised world. While a digital euro could … of uncertainty surrounding the design of a potential digital euro, its demand and the prevailing environment in which it …

euro area and for supervising all euro area banks in order to ensure their safety and soundness, some directly and some …

We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments … the monetary signal stemming from external flows. Over the past five years, the increase in the euro area's external … competitiveness has given rise to a sustained current account surplus that has consistently supported monetary inflows into the euro …

perspective. This approach employs a large-scale semi-structural model reflecting the dynamics of 91 significant euro area banks … and 19 euro area economies and is presented through an assessment of the stance evolution for the aggregate euro area … economy and for the individual euro area countries. Our results uncover mild tightening of the macroprudential policy stance …

first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both … sequence of financial reforms has improved the sector's ability to deal with major macro-financial shocks at the EU/euro area …

monetary policy implementation and the integrated euro area financial structure. This financial structure, in which only a … handful of locations act as gateways between the euro area and the rest of the world, leads to rising TARGET balances at the … balances per se are not necessarily an indicator of stress in bank funding markets, financial market fragmentation or …