Europe's financial structure has become strongly bank-based - far more so than in other economies. We document that an increase in the size of the banking system relative to equity and private bond markets is associated with more systemic risk and lower economic growth, particularly during...

The ECB Report on Financial Structures (RFS) in the euro area reviews the main structural features of and developments in the broader euro area financial sector. Like the ECB Banking Structures Report (BSR), which was published until 2014 and can be seen as a predecessor of the RFS, the RFS has...

The recent financial crisis has led to changes in banks' funding patterns at the global level which have been widely discussed in policy and academic fora. This report aims at identifying and documenting the main changes in the funding patterns of euro area banks. Using statistics for monetary...

The decrease of financial integration both at the global and European level reflects, to a certain extent, a market response to the crisis. It might, however, also be partly driven by policies such as capital flow management measures (CFMs). In addition, several other measures taken by central...

This report presents the findings of the third post-programme surveillance (PPS) mission of European Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 25 to 29 September 2017. Given that Cyprus has been identified as experiencing...

This report presents the findings of the third post-programme surveillance (PPS) mission of European Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 25 to 29 September 2017. Given that Cyprus has been identified as experiencing...

Cyprus implemented an economic adjustment programme from April 2013 to March 2016. Staff from the European Commission (EC), in liaison with staff from the European Central Bank (ECB), undertook the second postprogramme surveillance (PPS) mission to Cyprus between 27 and 31 March 2017.

Cyprus implemented an economic adjustment programme from April 2013 to March 2016. Staff from the European Commission (EC), in liaison with staff from the European Central Bank (ECB), undertook the second postprogramme surveillance (PPS) mission to Cyprus between 27 and 31 March 2017.

This report presents the findings of the fifth post-programme surveillance (PPS) mission of Commission staff, in liaison with ECB staff, which took place in Lisbon between 29 November and 7 December 2016.