From the conception and development of Europe's first common banknotes in the early 1990s, to the creation and launch of the second series, Europa. The book gives a detailed analysis of the choices faced at the different stages of design, production and issuance, and the reasoning behind the...

This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...

We construct a New-Keynesian E-DSGE model with energy disaggregation and financial intermediaries to show how energy-related fiscal and macroprudential policies interact in affecting the euro area macroeconomy and carbon emissions. When a shock to the price of fossil resources propagates through...

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 digitalisation of payments has accelerated over the last decades with the internet and ever faster and cheaper computing. Now, many believe that decentralised finance ("DeFi") offers fundamentally new possibilities for trading, payments and settlement. Moreover, for a few years central banks...

We study the heterogeneous pass-through of monetary policy across firms with different labor shares. The goal is to obtain evidence on a labor-intensity transmission channel that should in fact be operating for other kinds of demand shocks as well. Our basic idea is that labor is special: unlike...

At the start of 2022, the COVID-19 pandemic continued to affect the daily operations of the ECB, as staff attendance at its premises was still impacted by travel restrictions, social distancing requirements and remote working practices. From May onwards, the restrictions and security...

At the start of 2022, the COVID-19 pandemic continued to affect the daily operations of the ECB, as staff attendance at its premises was still impacted by travel restrictions, social distancing requirements and remote working practices. From May onwards, the restrictions and security...

We document that inflation risk in the U.S. varies significantly over time and is often asymmetric. To analyze the macroeconomic effects of these asymmetric risks within a tractable framework, we construct the beliefs representation of a general equilibrium model with skewed distribution of...