Ecb.europa.eu
The 2021-2022 inflation surges and monetary policy in the euro area
WEBIntroduction. In this blog post, I review the monetary policy decisions of the ECB between April 2021 and December 2023 in responding to the extraordinary inflation shocks that occurred in 2021 and 2022. [] While the 2021 recovery from the 2020 pandemic trough resulted in a widespread inflation surge across advanced economies, the …
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URL: https://www.ecb.europa.eu/press/blog/date/2024/html/ecb.blog240311~968c707650.en.html
The initial fiscal policy responses of euro area countries to the …
WEBAccording to the European Commission’s Autumn 2020 Economic Forecast, the euro area budget deficit is expected to increase from 0.6% of GDP in 2019 to 8.8% of GDP in 2020 (see Chart 1). The fiscal deficits and the contraction in GDP led to an increase in the euro area debt ratio from 85.9% of GDP in 2019 to a projected 101.7% of GDP in 2020.
The heterogeneous economic impact of the pandemic across euro …
WEBThe stringency of the containment measures needed to fight the health crisis varied substantially across countries and time. The design of the containment measures, as well as their evolution over time as summarised in the Oxford stringency index (OSI), depended primarily on the country-specific pandemic developments.
Scarring effects of the pandemic on the global economy – …
WEBThe falloff in global investment stemming from the COVID-19 shock was short-lived and led to a slower accumulation of physical capital stock, although this was less pronounced than during the Great Recession. The surge in uncertainty regarding the economic outlook coupled with lockdown measures led to a reduction in new investment.
Supply chain disruptions and the effects on the global economy
WEBPrepared by Maria Grazia Attinasi, Mirco Balatti, Michele Mancini and Luca Metelli. Published as part of the ECB Economic Bulletin, Issue 8/2021.. Strains in global production networks, which started to emerge in late 2020, are a reflection of imbalances between the supply and demand of certain goods and are creating headwinds for the ongoing global …
Senior Environmental Sustainability, Health and Safety Banknote
WEBIn your role as Senior Environmental sustainability, health and safety Banknote Specialist, you will contribute to the work of a team of two to three members of staff responsible for health and safety, ethical, environmental and accreditation matters related to the production of euro banknotes. You will work in close cooperation with …
The impact of recent shocks and ongoing structural changes on …
WEBThe COVID-19 pandemic and the energy crisis have interacted with the ongoing transition to a greener and more digital economy, with uncertain impacts on productivity growth. During the acute phase of the pandemic, productivity per employee fell as a result of labour hoarding and reduced capacity utilisation.
COVID-19 and the increase in household savings: an update
WEBThis box analyses the increase in euro area household savings since the start of the coronavirus (COVID-19) crisis. It provides an update of an earlier analysis of the drivers of the recent surge in savings and what they imply for the adjustment of savings and the recovery in private consumption as the pandemic is brought under control. [ 1]
Category: Coronavirus Go Health
Social spending, a euro area cross-country comparison
WEBSocial spending, a euro area cross-country comparison . Prepared by Marta Rodríguez-Vives and Linda Kezbere. Published as part of the ECB Economic Bulletin, Issue 5/2019.. At a time of high government indebtedness, low structural economic growth and ageing populations, a key element in today’s policy debate is the role of government in …
The impact of Brexit on UK trade and labour markets
WEBThe UK current account deficit has widened since the implementation of the TCA, mostly driven by developments in the goods balance. In the first quarter of 2022, the UK current account deficit reached a record high of 7.7% of GDP, which was due to a worsening in both the trade deficit and the income balance (Chart 3).
The euro as a global currency: a payments perspective
WEBThe average monthly value of euro‑denominated customer and interbank payments settled in T2 rose to more than €27.3 trillion in 2023, compared with €25.9 trillion in TARGET2 in 2020. Moreover, those values only saw a slight adjustment – rather than a full level shift – as a result of the new liquidity management arrangements in March
Benefits of price stability
WEBThat helps the economy to grow, in turn creating jobs and prosperity. Price stability has the following benefits. It allows us to avoid the inefficiency costs arising from the presence of nominal rigidities. It reduces the inefficiency costs created by inflation being a tax on money balances. It avoids adverse redistributive effects of inflation.
An overview of the ECB’s monetary policy strategy
WEB1 Introduction. The new monetary policy strategy of the European Central Bank (ECB) was published on 8 July 2021. While the mandate is conferred upon the ECB by the Treaties, the ECB has to devise its monetary policy strategy. This strategy sets out how to achieve the primary objective of maintaining price stability in the euro area, referring
How does innovation lead to growth
WEBHow innovation leads to growth. New ideas and technologies are developed and applied, generating greater output with the same input. More goods and services are produced, stimulating wages and business profitability. Innovation and productivity growth bring vast benefits for consumers and businesses. As productivity rises, the wages of workers
Economic Bulletin Issue 1, 2024
WEBAccording to Eurostat’s flash estimate of 1 February 2024, HICP inflation declined to 2.8% in January 2024. The advance estimate of US GDP for the fourth quarter of 2023 was released after the cut-off date for data included in this issue of the Economic Bulletin.
Economic Bulletin Issue 2, 2024
WEBMeasures of longer-term inflation expectations remained broadly stable in February, with most standing at around 2%. The March 2024 ECB staff macroeconomic projections for the euro area foresee that headline inflation will decline gradually, averaging 2.3% in 2024, 2.0% in 2025 and 1.9% in 2026.
Inflation and consumer prices
WEBThe ECB’s Governing Council considers that price stability is best maintained by aiming for 2% over the medium term. In the euro area, the Harmonised Index of Consumer Prices (HICP) is used to measure consumer price inflation. That means the change over time in the prices of consumer goods and services purchased by euro area households.
The Concept of Systemic Risk
WEBThe third form of systemic risk refers to the endogenous build-up of widespread imbalances in fi nancial systems over time, as in the case of a lending boom. The subsequent (endogenously or exogenously caused) unravelling of the imbalance may adversely affect many intermediaries and/ or markets at the same time.
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