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Description: The Economic Bulletin presents the economic and monetary information which forms the basis for the Governing Council's policy decisions. It is released eight times a year, two weeks after each monetary policy meeting.
Series handle: RePEc:ecb:ecbart

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Content

2025, Volume 8

1 Energy shocks, corporate investment and potential implications for future EU competitiveness
by Anaya Longaric, Pablo & De Sanctis, Alessandro & Grynberg, Charlotte & Kostakis, Vasileios & Vinci, Francesca
2 Explaining the resilience of the euro area labour market between 2022 and 2024
by Berson, Clémence & Botelho, Vasco & Dias Da Silva, António & Foroni, Claudia & Mohr, Matthias & Schroeder, Christofer & Weißler, Marco
3 Four years into the Next Generation EU programme: an updated preliminary evaluation of its economic impact
by Bańkowski, Krzysztof & Benalal, Nicholai & Bouabdallah, Othman & De Stefani, Roberta & Huber, Christian & Jacquinot, Pascal & Nerlich, Carolin & Rodríguez-Vives, Marta & Szörfi, Béla & Zorell, Nico & Zwick, Christoph

2025, Volume 6

2 Keep calm and carry cash: lessons on the unique role of physical currency across four crises
by Faella, Francesca & Zamora-Pérez, Alejandro
2025:0006: Macroeconomic impacts of higher defence spending: a model-based assessment
by Bokan, Nikola & Jacquinot, Pascal & Lalik, Magdalena & Müller, Georg & Priftis, Romanos & Rigato, Rodolfo

2025, Volume 5

1 Unveiling the hidden costs of critical dependencies
by Attinasi, Maria Grazia & Boeckelmann, Lukas & Gerinovics, Rinalds & Meunier, Baptiste
3 Cash is alive… and somewhat young? Decoupling age, period and cohort from euro cash use
by Clipal, Rebecca & Zamora-Pérez, Alejandro
2025:0005: Activity and price discovery in euro area inflation-linked swap markets
by Böninghausen, Benjamin

2025, Volume 4

1 The transmission of monetary policy: from mortgage rates to consumption
by Baptista, Pedro & Dossche, Maarten & Hannon, Andrew & Henricot, Dorian & Kouvavas, Omiros & Malacrino, Davide & Zimmermann, Larissa
2 Advancing the capital markets union in Europe: a roadmap for harmonising securities post-trading
by Hanssens, Benjamin & de Vega, David Sandín & Sowa, Hannah Franziska

2025, Volume 3

1 Medium-term fiscal-structural plans under the revised Stability and Growth Pact
by Bouabdallah, Othman & Checherita-Westphal, Cristina & De Stefani, Roberta & Haroutunian, Stephan & Hauptmeier, Sebastian & Huber, Christian & Momferatou, Daphne & Muggenthaler-Gerathewohl, Philip & Setzer, Ralph & Zorell, Nico

2025, Volume 2

1 Developments in the recent euro area house price cycle
by Höynck, Christian & Roma, Moreno & Schlieker, Kathinka

2025, Volume 1

1 European competitiveness: the role of institutions and the case for structural reforms
by Filip, Marinela-Daniela & Momferatou, Daphne & Parraga Rodriguez, Susana
2 Wage developments during and after the high inflation period
by Bates, Colm & Bodnár, Katalin & Healy, Peter & Roca I Llevadot, Marc
3 Green investment needs in the EU and their funding
by Andersson, Malin & Köhler-Ulbrich, Petra & Nerlich, Carolin

2024, Volume 8

1 Central bank money settlement of wholesale transactions in the face of technological innovation
by Neuhaus, Holger & Plooij, Mirjam

2024, Volume 7

1 The ECB’s accountability to the European Parliament 2019-2024: commitment in times of change
by Dreher, Ferdinand & Hernborg, Nils & Mochhoury, Sarah & Mulder, Timothy & Schölermann, Hanni
2 The Survey on the Access to Finance of Enterprises: monetary policy, economic and financing conditions and inflation expectations
by Ferrando, Annalisa & Lamboglia, Sara & Rariga, Judit & Benatti, Nicola & Gkrintzalis, Ioannis

2024, Volume 6

1 Past and future challenges for the external competitiveness of the euro area
by Altieri, Camilla & Di Nino, Virginia & Fidora, Michael & Furbach, Nina & Gunnella, Vanessa & Rodríguez, Marta Salazar & Schuler, Tobias
2 Economic and financial impacts of nature degradation and biodiversity loss
by Ceglar, Andrej & Parker, Miles & Pasqua, Carlo & Boldrini, Simone & Gabet, Marie & van der Zwaag, Sjoerd

2024, Volume 2

1 The impact of recent shocks and ongoing structural changes on euro area productivity growth
by Lopez-Garcia, Paloma & Modery, Wolfgang & Lalinsky, Tibor & Bijnens, Gert & Anghel, Brindusa & Bunel, Simon & Valderrama, Maria
2 Is there a digital divide in payments? Understanding why cash remains important for so many
by Zamora-Pérez, Alejandro & Marini, Andrea & Honkkila, Juha

2024, Volume 1

1 The Eurosystem policy response to developments in retail payments
by Papsdorf, Patrick & Themejian, Karine

2023, Volume 8

1 The pandemic emergency purchase programme – an initial review
by Böninghausen, Benjamin & Brennan, León Fernández & McCabe, Laura & Schumacher, Julian
2 Wage developments and their determinants since the start of the pandemic
by Bodnár, Katalin & Gonçalves, Eduardo & Gόrnicka, Lucyna & Koester, Gerrit

2023, Volume 7

1 Happy anniversary, BLS – 20 years of the euro area bank lending survey
by Köhler-Ulbrich, Petra & Dimou, Maria & Ferrante, Lorenzo & Parle, Conor

2023, Volume 6

1 The euro area current account after the pandemic and energy shock
by Emter, Lorenz & Fidora, Michael & Pastoris, Fausto & Schmitz, Martin & Niemczyk, Jerzy & Ryzhenkov, Mykola
2 How climate change affects potential output
by Parker, Miles
3 SESFOD@10 – credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets since 2013
by Kördel, Simon & Molitor, Philippe

2023, Volume 5

1 The macroeconomic implications of the transition to a low-carbon economy
by Brand, Claus & Coenen, Günter & Hutchinson, John & Saint Guilhem, Arthur

2023, Volume 4

1 The role of supply and demand in the post-pandemic recovery in the euro area
by De Santis, Roberto A. & Stoevsky, Grigor

2023, Volume 3

1 The impact of Brexit on UK trade and labour markets
by Spital, Tajda & van Aerssen, Katrin Forster
2 The impact of the recent inflation surge across households
by Bobasu, Alina & Di Nino, Virginia & Osbat, Chiara

2023, Volume 2

1 Fiscal policy and high inflation
by Bańkowski, Krzysztof & Bouabdallah, Othman & Checherita-Westphal, Cristina & Freier, Maximilian & Jacquinot, Pascal & Muggenthaler, Philip

2022, Volume 8

1 The ECB survey of Monetary Analysts: an introduction
by Brand, Claus & Hutchinson, John
2 ECB Communication with the wider public
by Gardt, Marius & Angino, Siria & Mee, Simon & Glöckler, Gabriel

2022, Volume 7

1 Risk sharing in the euro area: a focus on the public channel and the COVID-19 pandemic
by Cimadomo, Jacopo

2022, Volume 6

1 Fiscal policies to mitigate climate change in the euro area
by Ferdinandusse, Marien & Nerlich, Carolin & Téllez, Mar Delgado

2022, Volume 5

1 The recovery in business investment – drivers, opportunities, challenges and risks
by Andersson, Malin & Di Stefano, Claudia & Sun, Yiqiao & Vinci, Francesca
2 Guaranteeing freedom of payment choice: access to cash in the euro area
by Zamora-Pérez, Alejandro

2022, Volume 4

1 Energy price developments in and out of the COVID-19 pandemic – from commodity prices to consumer prices
by Kuik, Friderike & Adolfsen, Jakob Feveile & Meyler, Aidan & Lis, Eliza
2 Firm debt financing structures and the transmission of shocks in the euro area
by Holm-Hadulla, Fédéric & Musso, Alberto & Nicoletti, Giulio & Tujula, Mika
3 The euro short-term rate (€STR): completing the transition to the new euro benchmark
by Huerga, Javier & Nguyen, Anne-Lise & Nicoloso, Pascal & Tsonchev, Vladimir & Matas Mir, Antonio

2022, Volume 3

1 Energy prices and private consumption: what are the channels?
by Battistini, Niccolò & Di Nino, Virginia & Dossche, Maarten & Kolndrekaj, Aleksandra
2 Economic inequality and public trust in the European Central Bank
by Bergbauer, Stephanie & Giovannini, Alessandro & Hernborg, Nils

2022, Volume 2

1 Financial risks in China’s corporate sector: real estate and beyond
by Apostolou, Apostolos & Al-Haschimi, Alexander & Ricci, Martino
2 Assessing corporate vulnerabilities in the euro area
by Nicoletti, Giulio & Setzer, Ralph & Tujula, Mika & Welz, Peter

2022, Volume 1

1 Owner-occupied housing and inflation measurement
by Eiglsperger, Martin & Arioli, Rodolfo & Goldhammer, Bernhard & Gonçalves, Eduardo & Kouvavas, Omiros
2 Next Generation EU: A euro area perspective
by Freier, Maximilian & Grynberg, Charlotte & O'Connell, Marguerite & Rodríguez-Vives, Marta & Zorell, Nico

2021, Volume 8

1 The European exchange rate mechanism (ERM II) as a preparatory phase on the path towards euro adoption – the cases of Bulgaria and Croatia
by Dorrucci, Ettore & Fidora, Michael & Gartner, Christine & Zumer, Tina
2 The impact of the COVID-19 pandemic on the euro area labour market
by Anderton, Robert & Botelho, Vasco & Consolo, Agostino & Da Silva, António Dias & Foroni, Claudia & Mohr, Matthias & Vivian, Lara
3 The digital economy and the euro area
by Anderton, Robert & Jarvis, Valerie & Labhard, Vincent & Petroulakis, Filippos & Rubene, Ieva & Vivian, Lara

2021, Volume 7

1 The predictive power of equilibrium exchange rate models
by Ca' Zorzi, Michele & Longaric, Pablo Anaya & Rubaszek, Michał
2 Key factors behind productivity trends in euro area countries
by Lopez-Garcia, Paloma & Szörfi, Béla
3 The euro area housing market during the COVID-19 pandemic
by Battistini, Niccolò & Falagiarda, Matteo & Gareis, Johannes & Hackmann, Angelina & Roma, Moreno

2021, Volume 6

1 Hours worked in the euro area
by Botelho, Vasco & Consolo, Agostino & Da Silva, António Dias
2 TLTRO III and bank lending conditions
by Barbiero, Francesca & Boucinha, Miguel & Burlon, Lorenzo

2021, Volume 5

2 Using machine learning and big data to analyse the business cycle
by Hirschbühl, Dominik & Onorante, Luca & Saiz, Lorena
3 The role of government for the non-financial corporate sector during the COVID-19 crisis
by Rodríguez-Vives, Marta & Giron, Celestino

2021, Volume 4

1 Globalisation and its implications for inflation in advanced economies
by Attinasi, Maria Grazia & Balatti, Mirco

2021, Volume 3

1 Understanding post-referendum weakness in UK import demand and UK balance of payments risks for the euro area
by Jarvis, Valerie & Schuler, Tobias
2 The role of households in financing government debt in euro area
by Pavot, Jeanne & Valenta, Vilém
3 Liquidity usage in TARGET2
by Duca-Radu, Ioana & Testi, Sara

2021, Volume 2

1 Monetary policy and inequality
by Dossche, Maarten & Slacalek, Jiri & Wolswijk, Guido
2 Making sense of consumers’ inflation perceptions and expectations – the role of (un)certainty
by Meyler, Aidan & Reiche, Lovisa
3 The paradox of banknotes: Understanding the demand for cash beyond transactional use
by Zamora-Pérez, Alejandro

2021, Volume 1

1 The ECB’s dialogue with non-financial companies
by Elding, Catherine & Morris, Richard & Slavík, Michal
2 The role of demand and supply factors in HICP inflation during the COVID-19 pandemic – a disaggregated perspective
by O’Brien, Derry & Dumoncel, Clémence & Gonçalves, Eduardo
3 The initial fiscal policy responses of euro area countries to the COVID-19 crisis
by Haroutunian, Stephan & Osterloh, Steffen & Sławińska, Kamila

2020, Volume 7

1 The impact of COVID-19 on potential output in the euro area
by Bodnár, Katalin & Le Roux, Julien & Lopez-Garcia, Paloma & Szörfi, Béla
2 European financial integration during the COVID-19 crisis
by Borgioli, Stefano & Horn, Carl-Wolfram & Kochanska, Urszula & Molitor, Philippe & Mongelli, Francesco Paolo
3 New pension fund statistics
by Curos, Jordi Gutiérrez & Herr, Jürgen & Quevedo, Rafael & Valadzija, Mirna & Yeh, Me-Lie

2020, Volume 6

1 China’s path to normalisation in the aftermath of the COVID-19 pandemic
by Al-Haschimi, Alexander & Apostolou, Apostolos & Ricci, Martino
2 The viral effects of foreign trade and supply networks in the euro area
by Di Nino, Virginia & Veltri, Bruno
3 Automatic fiscal stabilisers in the euro area and the COVID-19 crisis
by Bouabdallah, Othman & Checherita-Westphal, Cristina & Freier, Maximilian & Muggenthaler, Philip & Müller, Georg & Nerlich, Carolin & Sławińska, Kamila

2020, Volume 5

1 Consumption of durable goods in the euro area
by Casalis, André & Krustev, Georgi
2 Drivers of rising labour force participation – the role of pension reforms
by Bodnár, Katalin & Nerlich, Carolin
3 Liquidity distribution and settlement in TARGET2
by Duca-Radu, Ioana & Polo Friz, Livia

2020, Volume 4

1 Citizens’ attitudes towards the ECB, the euro and Economic and Monetary Union
by Bergbauer, Stephanie & Hernborg, Nils & Jamet, Jean-Francois & Persson, Eric & Schölermann, Hanni
2 Access to finance for small and medium-sized enterprises after the financial crisis: evidence from survey data
by Bańkowska, Katarzyna & Ferrando, Annalisa & García, Juan Angel

2020, Volume 3

1 The transmission of exchange rate changes to euro area inflation
by Ortega, Eva & Osbat, Chiara & Rubene, Ieva
2 Negative rates and the transmission of monetary policy
by Boucinha, Miguel & Burlon, Lorenzo

2020, Volume 2

1 Multinational enterprises, financial centres and their implications for external imbalances: a euro area perspective
by Di Nino, Virginia & Habib, Maurizio Michael & Schmitz, Martin
2 Short-term forecasting of euro area economic activity at the ECB
by Bańbura, Marta & Saiz, Lorena
3 The state of play regarding the deepening agenda for Economic and Monetary Union
by Tordoir, Sander & Carmassi, Jacopo & Hauptmeier, Sebastian & Jahning, Malte

2020, Volume 1

1 Household wealth and consumption in the euro area
by de Bondt, Gabe & Gieseck, Arne & Tujula, Mika
2 Assessing bank lending to corporates in the euro area since 2014
by Adalid, Ramón & Falagiarda, Matteo & Musso, Alberto

2019, Volume 8

1 What does the bank lending survey tell us about credit conditions for euro area firms?
by Burlon, Lorenzo & Köhler-Ulbrich, Petra & Drahonsky, Anna-Camilla & Dimou, Maria
2 The effects of changes in the composition of employment on euro area wage growth
by Kouvavas, Omiros & Kuik, Friderike & Koester, Gerrit & Nickel, Christiane
3 The performance of the Eurosystem/ECB staff macroeconomic projections since the financial crisis
by Page, Adrian & Lambrias, Kyriacos

2019, Volume 7

1 Trends in central banks’ foreign currency reserves and the case of the ECB
by Chiţu, Livia & Gomes, Joaquim & Pauli, Rolf

2019, Volume 6

1 Derivatives transactions data and their use in central bank analysis
by Boneva, Lena & Böninghausen, Benjamin & Letizia, Elisa & Rousová, Linda
2 The taxonomy of ECB instruments available for banking supervision
by Bax, Rinke & Witte, Andreas

2019, Volume 5

1 Global value chain participation and exchange rate pass-through to export and import prices
by Georgiadis, Georgios & Gräb, Johannes
2 Social spending, a euro area cross-country comparison
by Rodríguez-Vives, Marta & Kezbere, Linda
3 Understanding the crypto-asset phenomenon, its risks and measurement issues
by Chimienti, Maria Teresa & Kochanska, Urszula & Pinna, Andrea

2019, Volume 4

1 The euro area labour market through the lens of the Beveridge curve
by Consolo, Agostino & Da Silva, António Dias
2 Drivers of underlying inflation in the euro area over time: a Phillips curve perspective
by Bobeica, Elena & Sokol, Andrej

2019, Volume 3

1 The economic implications of rising protectionism: a euro area and global perspective
by Gunnella, Vanessa & Quaglietti, Lucia
2 Fiscal rules in the euro area and lessons from other monetary unions
by Leiner-Killinger, Nadine & Nerlich, Carolin

2019, Volume 2

1 Taking stock of the Eurosystem’s asset purchase programme after the end of net asset purchases
by Hammermann, Felix & Leonard, Kieran & Nardelli, Stefano & von Landesberger, Julian

2019, Volume 1

1 Twenty years of the ECB Survey of Professional Forecasters
by de Vincent-Humphreys, Rupert & Dimitrova, Ivelina & Falck, Elisabeth & Henkel, Lukas & Meyler, Aidan
2 Fiscal spillovers in a monetary union
by Alloza, Mario & Cozmanca, Bogdan & Ferdinandusse, Marien & Jacquinot, Pascal

2018, Volume 7

1 Potential output in the post-crisis period
by Andersson, Malin & Szörfi, Béla & Tóth, Máté & Zorell, Nico
2 The state of the housing market in the euro area
by Battistini, Niccolò & Le Roux, Julien & Roma, Moreno & Vourdas, John

2018, Volume 6

1 The global financial cycle: implications for the global economy and the euro area
by Habib, Maurizio Michael & Venditti, Fabrizio
2 Interpreting recent developments in market based indicators of longer term inflation expectations
by Böninghausen, Benjamin & Kidd, Gregory & de Vincent-Humphreys, Rupert
3 Trends and developments in the use of euro cash over the past ten years
by Lalouette, Laure & Esselink, Henk

2018, Volume 5

1 The evolution of the ECB’s accountability practices during the crisis
by Fraccaroli, Nicolò & Giovannini, Alessandro & Jamet, Jean-Francois
2 Measuring fragmentation in the euro area unsecured overnight interbank money market
by Eisenschmidt, Jens & Kedan, Danielle & Tietz, Robin Darius
3 Private consumption and its drivers in the current economic expansion
by Dossche, Maarten & Forsells, Magnus & Rossi, Luca & Stoevsky, Grigor

2018, Volume 4

1 Foreign direct investment and its drivers: a global and EU perspective
by Carril-Caccia, Federico & Pavlova, Elena
2 Measuring and interpreting the cost of equity in the euro area
by Geis, André & Kapp, Daniel & Kristiansen, Kristian
3 Measures of underlying inflation for the euro area
by Ehrmann, Michael & Ferrucci, Gianluigi & Lenza, Michele & O'Brien, Derry

2018, Volume 3

1 Real convergence in central, eastern and south-eastern Europe
by Żuk, Piotr & Polgár, Éva Katalin & Savelin, Li & Diaz del Hoyo, Juan Luis & König, Paul
2 The impact of the corporate sector purchase programme on corporate bond markets and the financing of euro area non-financial corporations
by De Santis, Roberto A. & Geis, André & Juskaite, Aiste & Cruz, Lia Vaz
3 Risk sharing in the euro area
by Cimadomo, Jacopo & Hauptmeier, Sebastian & Palazzo, Alessandra Anna & Popov, Alexander

2018, Volume 2

1 The real effects of credit constraints
by García-Posada, Miguel
2 The economic impact of population ageing and pension reforms
by Nerlich, Carolin & Schroth, Joachim

2018, Volume 1

1 Labour supply and employment growth
by Bodnár, Katalin

2017, Volume 8

2017:0008: The impact of global value chains on the macroeconomic analysis of the euro area
by Gunnella, Vanessa & Fidora, Michael & Schmitz, Martin
2017:0008: The oil market in the age of shale oil
by Álvarez, Irma Alonso & Di Nino, Virginia

2014, Volume 11

2014:0011: Early warning indicators for fiscal stress in European budgetary surveillance
by Koester, Gerrit

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