The change in macroeconomic conditions since the ECB's strategy review in 2021 towards an environment characterised by above-target inflation, high interest rates, and renewed concerns about elevated government debt has been a vocal reminder of the intricate interdependencies between monetary...

The rapid integration of the euro area money markets has been closely linked to the development of TARGET), the real-time gross settlement (RTGS) system for the euro, which has been operational since the launch of the single currency. Following its inception in 1999,TARGET became a benchmark for...

Forbearance is a practice of granting concessions to troubled borrowers, typically in the form of prolongation of maturity of refinancing of the loan. While economically useful in some circumstances, it can be used by banks in order to reduce the need for provisions and conceal potential losses....