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https://www.ecb.europa.eu/home/html/index.en.html
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Runtime: 611ms
On August 01, 2025, 04:06 PM UTC, https://www.ecb.europa.eu/home/html/index.en.html was accessible when tested on AS5483 in Hungary.
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Resolver:
141.101.104.185
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IN A www.ecb.europa.eu
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IN
A
80.90.16.91
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GET https://www.ecb.europa.eu/home/html/index.en.html
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href="/mopo/coll/standards/marketable/html/index.en.html">Marketable assets</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.en.html">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.en.html">List of eligible marketable assets</a><a href="#" class="subpages" title="toggle subpages for List of eligible marketable assets"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.en.html">User guide</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.en.html">Collateral management</a><a href="#" class="subpages" title="toggle subpages for Collateral management"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.en.html">Eligible SSSs</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.en.html">Eligible links</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.en.html">Eligible triparty 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<div class="title">Payments & financial stability</div>
<p>Insights into our work on financial stability and payments and market infrastructures</p>
<a href="/paym/html/index.en.html">Overview of payments and financial stability</a>
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<div class="image-date">16 May 2024</div>
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</div></div><ul><li class="clearfix"><span>Payments</span></li><li class="has-subpages"><a href="/paym/target/html/index.en.html">TARGET Services</a><a href="#" class="subpages" title="toggle subpages for TARGET Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.en.html">Shared features</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.en.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.en.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" class="subpages" title="toggle subpages for TARGET professional use documents & links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared features documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html">T2 documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html">T2S documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html">TIPS documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item">
<div class="title">Statistics</div>
<p>Access to all ECB statistics and background information</p>
<a href="/stats/html/index.en.html">Overview of ECB statistics</a>
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<!-- <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover">
<div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div>
<div class="image-date">18 April 2024</div>
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<a href="/press/pr/date/2025/html/ecb.pr250313~9d160bc6e2.en.html" class="item image"> <img src="/stats/html/index/ECB_Website_StatisticsMegaMenu_95044094-01.png" width="357" height="179" loading="lazy" style="object-fit:cover">
<div class="image-caption">PRESS RELEASE - ECB launches pilot project for research access to confidential statistical data</div>
<div class="image-date">13 March 2025</div>
</a>
</div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item">
<div class="title">The euro</div>
<p>All you need to know about our common currency</p>
<a href="/euro/html/index.en.html">Overview of the euro</a>
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rates</a></li>
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<div class="image-caption">Study on the payment attitudes of consumers in the euro area (SPACE) – 2024</div>
<div class="image-date">19 December 2024</div>
</a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li 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href="/euro/banknotes/current/denominations/html/index.en.html">Denominations</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.en.html">Design elements</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.en.html">Security features</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.en.html">Anti-counterfeiting</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.en.html">Banknote production and stocks</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.en.html">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.en.html">Environment, health and safety</a><a href="#" class="subpages" title="toggle subpages for Environment, health and safety"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.en.html">Product environmental footprint</a></li></ul></li><li 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class="clearfix"><a href="/euro/coins/2cents/html/index.en.html">2 cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.en.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.en.html">Common sides</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.en.html">€2 commemorative coins</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.en.html">Security features</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.en.html">Collector coins</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.en.html">Joining the euro area</a><a href="#" class="subpages" title="toggle subpages for Joining the euro area"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.en.html">Croatia (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.en.html">Lithuania (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.en.html">Latvia (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.en.html">Estonia (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.en.html">Slovakia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.en.html">Cyprus (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.en.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.en.html">Slovenia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.en.html">Initial changeover (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.en.html">Exchanging national cash</a><a href="#" class="subpages" title="toggle subpages for Exchanging national cash"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.en.html">Austria</a></li><li class="clearfix"><a 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<p>MONETARY POLICY</p>
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<h2>Our monetary policy statement at a glance</h2>
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<p>What are the main points in our new monetary policy statement and what mattered to us in our decision? Our visual statement explains this in short and easy-to-understand language.</p>
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<span class="type">INTERVIEW</span>
<span class="date">26 July 2025</span>
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Interview with Delo <br></h3>
<p>Executive Board member Piero Cipollone speaks to Slovenian newspaper Delo about the digital euro. It would be a digital form of cash: simple, free, inclusive, protecting privacy and accepted throughout the euro area.</p>
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<span class="date">31 July 2025</span>
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Environmental Statement 2025 <br></h3>
<p>Our latest Environmental Statement outlines what we did to reduce our impact on the environment in 2024. The measures taken to improve our environmental performance included enhanced energy monitoring for smarter consumption and rolling out a bike-sharing service across all ECB sites.</p>
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<span class="type">THE ECB BLOG</span>
<span class="date">31 July 2025</span>
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Monetary policy affects housing and consumption <br></h3>
<p>The ECB Blog explores the ripple effects our monetary policy has on house prices, sales and the consumption of household goods.</p>
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<dt isoDate="2025-07-31"><div class="date">31 July 2025</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2025/html/ecb.pr250731~6f8d492141.en.html" >Results of the June 2025 Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2025/html/ecb.pr250731~6f8d492141.en.html">
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<dt isoDate="2025-07-24"><div class="date">24 July 2025</div></dt><dd><div class="title"><a href="/press/press_conference/monetary-policy-statement/2025/html/ecb.is250724~a66e730494.en.html" >Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A)</a></div><div class="subtitle">Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 July 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/press_conference/monetary-policy-statement/2025/html/ecb.is250724~a66e730494.en.html">
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<dt isoDate="2025-07-26"><div class="date">26 July 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250726~89d25a9d7f.en.html" >Piero Cipollone: Interview with Delo</a></div><div class="subtitle">Interview with Piero Cipollone, conducted by Miha Jenko on 10 July 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250726~89d25a9d7f.en.html">
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<span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a></div></div></div></dd><dt isoDate="2025-07-11"><div class="date">11 July 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250711~f6894f868f.en.html" >Isabel Schnabel: Interview with Econostream Media</a></div><div class="subtitle">Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by David Barwick and Marta Vilar on 9 July 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250711~f6894f868f.en.html">
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<dt isoDate="2025-07-31"><div class="date">31 July 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250731~f305d1d4cb.en.html" >The ripple effects of monetary policy on housing and consumption</a></div><div class="subtitle">Monetary policy has an impact on our daily lives. This post explores the ripple effects of the ECB’s recent monetary policy on housing affordability, housing sales and households’ home goods consumption.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/niccolo-battistini.en.html" >Niccolò Battistini</a></li><li><a href="/pub/research/authors/profiles/johannes-gareis.en.html" >Johannes Gareis</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250731~f305d1d4cb.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>R21</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Household Analysis→Housing Demand<br/></dd></dl></div></div></dd><dt isoDate="2025-07-30"><div class="date">30 July 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250730~833a22650e.en.html" >China-US trade tensions could bring more Chinese exports and lower prices to Europe</a></div><div class="subtitle">With trade tensions between China and the United States reaching new heights, Chinese exports may be redirected to the euro area. In a severe scenario, this additional supply and the accompanying lower import prices could bring down euro area inflation by as much as 0.15 percentage points.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/lukas-boeckelmann.en.html" >Lukas Boeckelmann</a></li><li><a href="/pub/research/authors/profiles/lorenz-emter.en.html" >Lorenz Emter</a></li><li><a href="/pub/research/authors/profiles/vanessa-gunnella.en.html" >Vanessa Gunnella</a></li><li><a href="/pub/research/authors/profiles/karin-klieber.en.html" >Karin Klieber</a></li><li><a href="/pub/research/authors/profiles/tajda-spital.en.html" >Tajda Spital</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250730~833a22650e.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>F40</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance→General<br/></dd></dl></div></div></dd><dt isoDate="2025-07-28"><div class="date">28 July 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250728~e6cb3cf8b5.en.html" >From hype to hazard: what stablecoins mean for Europe</a></div><div class="subtitle">Stablecoins are reshaping global finance – with the US dollar at the helm. Without a strategic response, European monetary sovereignty and financial stability could erode. However, in this disruption there is also an opportunity for the euro to emerge stronger.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/juergen-schaaf.en.html" >Jürgen Schaaf</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250728~e6cb3cf8b5.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E42</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems<br/></dd></dl></div></div></dd><dt isoDate="2025-07-25"><div class="date">25 July 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250725~f26b4ef0f3.en.html" >Time to be strategic: how public money could power Europe’s green, digital and defence transitions </a></div><div class="subtitle">Following the June NATO summit, Europe is confronting heightened challenges in financing its green, digital and defence transitions as new defence commitments place increased pressure on national and EU budgets. Balancing strategic priorities with debt sustainability is crucial. This blog outlines a three-pronged strategy.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/othman-bouabdallah.en.html" >Othman Bouabdallah</a></li><li><a href="/pub/research/authors/profiles/ettore-dorrucci.en.html" >Ettore Dorrucci</a></li><li><a href="/pub/research/authors/profiles/carolin-nerlich.en.html" >Carolin Nerlich</a></li><li><a href="/pub/research/authors/profiles/christiane-nickel.en.html" >Christiane Nickel</a></li><li><a href="/pub/research/authors/profiles/aurelian-vlad.en.html" >Aurelian Vlad</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250725~f26b4ef0f3.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E62</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy<br/></dd></dl></div></div></dd><dt isoDate="2025-07-14"><div class="date">14 July 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250714~9676bef78b.en.html" >TARGET Services: the backbone of European financial markets</a></div><div class="subtitle">TARGET Services are the backbone of Europe’s financial market infrastructure. Like a spine, they have to be both strong and supple. Strong enough to process large volumes and values while maintaining high levels of performance, and supple and flexible enough to respond to changing needs, technologies and geopolitical conditions.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/ulrich-bindseil.en.html" >Ulrich Bindseil</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250714~9676bef78b.en.html">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E42</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems<br/></dd></dl></div></div></dd> </dl>
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<dt isoDate="2025-08-01"><div class="date">1 August 2025</div></dt><dd><div class="category">LEGAL ACT</div><div class="title"><a href="/pub/pdf/legal/ecb.leg_dec_2025_29.en.pdf?0dc285b7892bf1746c6bbdd6831b5e89" >Decision ECB/2025/29 on safeguards in relation to access by central counterparties to Eurosystem overnight credit in TARGET</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/legal/ecb.leg_dec_2025_29.en.pdf">
<span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-08-01"><div class="date">1 August 2025</div></dt><dd><div class="category">LEGAL ACT</div><div class="title"><a href="/pub/pdf/legal/ecb.leg_gui_2025_28.en.pdf?ecd9c2362219f35b397c78c76d3c8e28" >Guideline ECB/2025/28 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) (ECB/2022/8)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/legal/ecb.leg_gui_2025_28.en.pdf">
<span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-07-31"><div class="date">31 July 2025</div></dt><dd><div class="category">OTHER PUBLICATION</div><div class="title"><a href="/pub/pdf/other/SESFOD_2025_Q2_Summary.en.pdf?66ec36d8cd38664feab76c744c025fa2" >Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/SESFOD_2025_Q2_Summary.en.pdf">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2025-07-31"><div class="date">31 July 2025</div></dt><dd><div class="category">SURVEY ON CREDIT TERMS AND CONDITIONS IN EURO-DENOMINATED SECURITIES FINANCING AND OTC DERIVATIVES MARKETS</div><div class="title"><a href="/stats/ecb_surveys/sesfod/pdf/SESFOD_2025_Q2_annex.en.csv?65981c5f59807a351ac42fb7cb9e89a5" >Detailed data series</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='csv' lang="en" href="/stats/ecb_surveys/sesfod/pdf/SESFOD_2025_Q2_annex.en.csv">
<span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2025-07-31"><div class="date">31 July 2025</div></dt><dd><div class="category">ENVIRONMENTAL STATEMENT</div><div class="title"><a href="/ecb/climate/green/html/ecb.environmentalstatement202507.en.html" >ECB Environmental Statement 2025</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/ecb/climate/green/html/ecb.environmentalstatement202507.en.html">
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<span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-07-30"><div class="date">30 July 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3084</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3084~59464f2b92.en.pdf?b8939fdf4bb325f91dbc73c1e9de1c71" >Climate change, firms, and aggregate productivity</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/andrea-caggese.en.html" >Andrea Caggese</a></li><li><a href="/pub/research/authors/profiles/andrea-chiavari.en.html" >Andrea Chiavari</a></li><li><a href="/pub/research/authors/profiles/sampreet-singh-goraya.en.html" >Sampreet Singh Goraya</a></li><li><a href="/pub/research/authors/profiles/carolina-villegassanchez.en.html" >Carolina Villegas‑Sanchez</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3084~59464f2b92.en.pdf">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper uses a general equilibrium framework to examine the effects of temperature on firm-level demand, productivity, and input allocation efficiency, deriving an aggregate damage function for climate change. Using data from Italian firms and detailed climate data, it uncovers a sizable negative effect of extreme temperatures on firm-level productivity and revenue-based marginal product of capital. Based on these estimates, the model generates aggregate productivity losses from local temperature fluctuations that are higher than previously thought, ranging from 0.60 to 6.82 percent depending on the scenario and the extent of adaptation. Notably, these losses are approximately four times greater than those estimated by averaging firm-level losses in a representative firm model, which does not capture frictions that alter allocative efficiency in a heterogeneous firm setting. Therefore, incorporating our framework into Integrated Assessment Models is likely to revise upwards the estimated economic costs of climate change.</dd><dt>JEL Code</dt><dd><strong>Q54</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming<br/><strong>D24</strong> : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity<br/><strong>D22</strong> : Microeconomics→Production and Organizations→Firm Behavior: Empirical Analysis<br/><strong>O44</strong> : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→Environment and Growth<br/></dd></dl></div></div></dd><dt isoDate="2025-07-30"><div class="date">30 July 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3083</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3083~c8f18b8382.en.pdf?0122f864f8441fea16db2854d1b5bb7a" >Back to school when times are bad? The role of housing wealth</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/alexander-popov.en.html" >Alexander Popov</a></li><li><a href="/pub/research/authors/profiles/anna-pestova.en.html" >Anna Pestova</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3083~c8f18b8382.en.pdf">
<span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>College enrolment typically rises during recessions. This paper demonstrates that housing wealth destruction dampened this countercyclical effect in areas most affected by the U.S. housing bust of 2008-2011. By combining household data with a mortgage credit register and housing price data, we reveal that negative shocks to housing wealth significantly reduced college enrolment among homeowners relative to renters during this period. Up to 2% of the local college-age population did not pursue college enrolment at the height of the bust due to housing wealth destruction. The negative impact of homeownership on college education persists for a decade, contributing to persistently lower incomes among homeowners in the most affected areas.</dd><dt>JEL Code</dt><dd><strong>I24</strong> : Health, Education, and Welfare→Education and Research Institutions→Education and Inequality<br/><strong>E32</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles<br/><strong>J24</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Human Capital, Skills, Occupational Choice, Labor Productivity<br/></dd></dl></div></div></dd><dt isoDate="2025-07-30"><div class="date">30 July 2025</div></dt><dd><div class="category">RESEARCH BULLETIN - No. 133</div><div class="title"><a href="/press/research-publications/resbull/2025/html/ecb.rb250730~ebfb33d43c.en.html" >From words to deeds – incorporating climate risks into sovereign credit ratings</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/lorenzo-cappiello.en.html" >Lorenzo Cappiello</a></li><li><a href="/pub/research/authors/profiles/gianluigi-ferrucci.en.html" >Gianluigi Ferrucci</a></li><li><a href="/pub/research/authors/profiles/angela-maddaloni.en.html" >Angela Maddaloni</a></li><li><a href="/pub/research/authors/profiles/veronica-veggente.en.html" >Veronica Veggente</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/research-publications/resbull/2025/html/ecb.rb250730~ebfb33d43c.en.html">
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