This paper summarises the outcomes of the analysis of the ECB Crypto-Assets Task Force. First, it proposes a characterisation of crypto-assets in the absence of a common definition and as a basis for the consistent analysis of this phenomenon. Second, it analyses recent developments in the...

Die Bundesrepublik Deutschland hat sich als Unterzeichnerstaat mehrerer internationaler Vereinbarungen zum Klimaschutz verpflichtet, anthropogene Quellen und Senken von Treibhausgasen jährlich auf nationaler Skalenebene zu berichten. Dazu zählen auch CO2-Emissionen aus Veränderungen des...

Limited access to finance is one of the main obstacles for firms located in the Western Balkans and hampers economic growth as well as the transmission of monetary policy. The aim of this paper is to undertake an in-depth analysis of access to finance constraints in this region, where countries...

This report is concerned with analysing, for eight EU Member States with lagging regions, the main structural reforms carried out over the past five to ten years, essentially those which are relevant for the European Structural and Investment Funds. Furthermore it provides an overview of the...

Die Studie untersucht die Potenziale von Fintechs für kleine und mittlere Unternehmen (KMU). Fintechs bringen Kapitalangebot und -nachfrage oftmals effizienter zusammen als Banken. Ihre Lösungen können in Einzelfällen Finanzierungsgeschwindigkeiten beschleunigen, Kreditkonditionen verbessern...

Finnish businesses face fewer financial challenges than their European peers. To the extent financial challenges do exist, they disproportionately affect young, small, innovative, internationally focused, and growth-seeking companies. Our findings are based on extensive firm-level data. The data...

This paper – based on a report by a Task Force established by the International Relations Committee (IRC) of the European System of Central Banks (ESCB) – reviews macroeconomic and financial stability challenges for acceding (Bulgaria and Romania) and candidate countries (Croatia and...

Financial intermediaries may increase economic efficiency through intertemporal risk smoothing. However without an adequate regulation, intermediation may fail to do this. This paper studies the effects of a production shock in a closed economy and compares abilities of market-based and...

Die deutsche Entwicklungszusammenarbeit (EZ) strebt seit Jahren eine höhere Ergebnisorientierung an. Mit der Einführung von 43 Standardindikatoren ist 2022 ein wichtiger Schritt in diese Richtung gegangen worden. Es ist das Ziel, Entwicklungsergebnisse themen- und länderübergreifend zu...