The paper by Mink and Rodriguez-Vives focuses on debt measurement issues with a specific reference to euro-area countries. Two debt measures are discussed: the debt relevant for European fiscal rules (the Excessive deficit procedure debt measure) and the ESA95 debt. The former is analysed by...

An important part of external or policy shocks is transmitted throughout the economy via various channels of transactions. To analyse such channels and to predict the impact of shocks, it is expedient to know who recently exchanged what with whom and for what purpose. The most appropriate format...

The Eurosystem and the Deutsche Bundesbank will incur substantial losses in 2023 that are likely to persist for several years. Due to the massive purchases of securities in the last 10 years, especially of government bonds, the banks' excess reserves have risen sharply. The resulting high...