The SEPA Migration End-date Regulation established February 2014 as the deadline for the euro area migration to SEPA credit transfers (SCTs) and SEPA direct debits (SDDs) denominated in euro.The SEPA project is currently entering the critical stage of realising a vision that was born over ten...

This report is the second assessment by the Eurosystem of the stage of progress of migration and reflects the developments made since the first SEPA migration report published in March 2013. The scope of the current report is the same as that of the previous one and is in line with the SEPA...

Crossing borders, be it international or regional, often go together with price, wage or indeed wealth discontinuities. This paper identifies substantial wealth differences between Luxembourg resident households and cross-border commuter households despite their similar incomes. The average...

The global financial crisis rapidly spread across borders and financial markets, and also distressed EU bond markets. The crisis did not hit all markets in the same way. We measure the strength and direction of linkages between 16 EU sovereign bond markets using a factor-augmented version of the...

Policy impact studies often suffer from endogeneity problems. Consider the case of the ECB Securities Markets Programme: if Eurosystem interventions were triggered by sudden and strong price deteriorations, looking at daily price changes may bias downwards the correlation between yields and the...

This paper provides new survey evidence on firms' inflation expectations in the euro area. Building on the ECB's Survey on the Access to Finance of Enterprises (SAFE), we introduce consistent measurement of inflation expectations across countries and shed new light on the properties and causal...

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....