Since 2008, excess liquidity - defined as the sum of holdings of central bank reserves in excess of reserve requirements and holdings of equivalent central bank deposits - has tended to accumulate in specific euro area countries and in a small, slowly changing group of credit institutions....

Although euro banknotes and coins have been in circulation for fifteen years, not much is known about the actual use of cash by households. This paper presents an estimation of the number and value of cash transactions in all 19 euro area countries in 2016, based on survey results. It presents...

If well managed, migration generates benefits for migrants, their countries of origin and the countries they settle in. For migrants, it can help them expand their skill sets and improve their standard of living. For destination countries, it can alleviate demographic pressures and foster...