, but offered a softer defence in the face of the disinflationary forces that hit the euro area in its aftermath. The …

We model economic policy uncertainty (EPU) in the four largest euro area countries by applying machine learning …

document a gradual shift from cash- to securities-driven transactions in euro area repo markets over the period 2010 …-2018. Compared to earlier studies focussing only on specific sub-periods or market segments we extend, illustrate, and validate … evidence on financial frictions that are relevant in driving repo premia: controlling for a comprehensive range of bond-market …

Loan loss provisions in the euro area are negatively related to GDP growth, i.e., they are procyclical. Loan loss … procyclicality in the euro area is about twice as large as in other advanced economies. This difference reflects a larger … procyclicality of provisioning in euro area countries already prior to euro adoption, and the divergent growth experiences of euro …