The management report is an integral part of the ECB's Annual Accounts and is designed to provide readers with contextual information related to the financial statements. Given that the ECB's activities and operations are undertaken in support of its policy objectives, the ECB's financial...

Articles 143, 283 and 363 of Regulation (EU) No 575/2013 (CRR)1 require the European Central Bank (ECB) to grant permission to use internal models for credit risk, counterparty credit risk and market risk where the requirements set out in the corresponding chapters of the CRR are met by the...

The management report is an integral part of the ECB's Annual Accounts and is designed to provide readers with contextual information related to the financial statements. Given that the ECB's activities and operations are undertaken in support of its policy objectives, the ECB's financial...

The euro area has been subject to a series of very different shocks, some of which, such as the COVID-19 pandemic, were unprecedented. While the ECB's reaction to these deflationary shocks was vigorous, it persisted too long with its expansionary measures and failed to see their inflationary...

This paper reviews the record of European Central Bank policymaking since the 2010-12 euro crisis in order to develop recommendations on: (1) the ECB's future monetary policy strategy, (2) its operational framework, and (3) the governance of European Economic and Monetary Union.

How does the interaction between supranational and domestic institutions affect competition? We answer this question by investigating how the Euro has radically changed the rules of the competition game between firms. Using a staggered difference-in-differences design, we find that the Euro, as...