How does environmental, social and governance regulation of banks affect capital provision to the sustainability transition? As ambitious sustainability targets face funding challenges, the financial sector is tasked with channeling more private capital into sustainable investments. However,...

We document that compared to all other investor groups investment funds exhibit a distinctly procyclical behavior when financial-market beliefs about the probability of a euro-related, institutional rare disaster spike. In response to such euro disaster risk shocks, investment funds shed...

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...

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...

In the ECB's Survey of Professional Forecasters (SPF) for the first quarter of 2025, expectations for headline HICP inflation were revised upwards for 2025 from the previous survey (conducted in the fourth quarter of 2024) and were largely unchanged thereafter. At the same time, core inflation...

In the ECB's Survey of Professional Forecasters (SPF) for the first quarter of 2025, expectations for headline HICP inflation were revised upwards for 2025 from the previous survey (conducted in the fourth quarter of 2024) and were largely unchanged thereafter. At the same time, core inflation...

Persistently high geopolitical and policy uncertainty is expected to weigh on euro area economic growth, slowing down the anticipated recovery. This follows slightly weaker than expected growth at the end of 2024. Both domestic and trade policy uncertainty are high. Although the baseline...