The paper finds that the post-pandemic inflation surge and subsequent decline from 2021 to 2024 had no significant impact on public support for the Euro for the EA-19 and for most individual member states of the EA-19. From 2021 to 2024, net public support for the euro remained remarkably stable...

We examine the changing attention that ECB Governing Council members pay to different policy objectives by analysing more than 4,600 speeches given between the establishment of the ECB and the summer of 2024. Alongside the primary objective of price stability, we consider the following potential...

Financial Conditions Indices (FCIs) are a widely used tool for assessing the broader monetary policy stance beyond the central bank's direct control. This paper presents a novel vector autoregressive (VAR) model that includes key macroeconomic variables and maps financial variables into a single...

We design a Bayesian Mixed-Frequency vector autoregression (VAR) model for fiscal monitoring, i.e., to nowcast the government deficit-to-GDP ratio in real time and provide a narrative for its dynamics. The model incorporates both monthly cash and quarterly accrual fiscal indicators, together...

We use CPI micro data for nine euro area countries to document new evidence on consumer price stickiness in the euro area during the 2021-2024 inflation cycle. In 2022, the monthly frequency of price changes reached 12%, compared with an average of 8% over 2010-2019, roughly a...

This paper applies the Growth-at-Risk (GaR) framework to assess downside risks to euro area GDP growth, and it examines its usefulness for stress testing. Supervisory stress-test scenarios are often criticized for being either too mild or implausibly severe, raising questions about calibration....

This paper examines how fiscal policy in the euro area reacts to monetary policy, by estimating fiscal policy reaction functions for the period 1999-2019. Inclusion of the monetary policy stance in the fiscal reaction function, approximated by a shadow interest rate, is a relatively novel aspect...

Unlike past high-inflation episodes, the euro area labour market remained surprisingly resilient during the inflation surge of the early 2020s. This paper investigates the drivers of this resilience by combining long-span euro area macroeconomic data (1970-2025) with a structural VAR analysis...

We use CPI micro data for nine euro area countries to document new evidence on consumer price stickiness in the euro area during the 2021-2024 inflation cycle. In 2022, the monthly frequency of price changes reached 12%, compared with an average of 8% over 2010-2019, roughly a...

We investigate the impact of structural shocks on the joint distribution of future real GDP growth and inflation in the euro area. We model the conditional mean of these variables, along with selected financial indicators, using a VAR and perform quantile regressions on the VAR residuals to...

This paper develops a novel empirical framework to analyse the drivers of business expectations in the euro area. Using harmonised data from the European Commission's business surveys for manufacturing, services, and construction, we build composite business expectations indices (BEI) for...

We analyze the sources of the pandemic-era inflation surge in the euro area using a Bayesian vector autoregression (BVAR) model. By applying narrative, sign, zero, and inequality restrictions, this study is the first that jointly analyzes the inflationary effects of energy and non-energy supply...

This paper investigates how monetary and ESG-related risks-especially those stemming from asymmetric policy transmission across Eurozone economies-have evolved over time, with a focus on the post-COVID-19 era. Using a mixed-method bibliometric analysis of 216 peer-reviewed articles (1996-2025),...

The Euro Area experienced historically high inflation in 2022, with energy prices playing a central role. This paper examines the joint impact of various energy price shocks on inflation in the Euro Area, with a focus on the period encompassing the COVID-19 pandemic and the Russia–Ukraine war....

We study the spillovers of large-scale asset purchases (LSAPs) in the U.S. on financial intermediation in the euro area using bank-level supervisory data and high-frequency identified policy surprises. Our detailed panel data permit us to trace the impact of LSAPs through bank balance sheets. We...

Compared with the relatively straightforward definition of a default event, assessing sovereign debt sustainability remains a grey area. The interaction between fiscal choices, lenders' expectations and economic uncertainty creates a setting in which-particularly when a default...

The Council of the European Union decided on July 8, 2025 that Bulgaria had fulfilled the necessary conditions for adoption of the euro with effect from January 1,2026,1 and that the conversion rate should be set at 1.95583 Bulgarian lev per one euro.2 The Bulgarian authorities notified the Fund...

The following study analyzes the transmission of monetary policy to bank lending in the euro area. It focuses particularly on the heterogeneity in the speed and strength of propagation of monetary policy shocks across euro area countries. We employ instrumental variables, based on common euro...

The ECB anticipates stable growth and inflation, while Europe is faced with geopolitical threats, lack of competitiveness and fiscal challenges. At such a time, central bankers need to consider the dynamics of risk scenarios that arise from potentially mis-aligned or mis-perceived trends and...

We assess asymmetries, nonlinearities and state dependencies in dynamic responses of the euro area to monetary policy shocks. The dataset includes macroeconomic, financial, and survey-based variables measuring credit conditions and bank lending transmission channels. These data are observed at...

This paper examines the persistent upward bias in euro area households' inflation perceptions and expectations, even when realized inflation is near the ECB's target. It discusses behavioural and informational drivers of this bias, its implications for consumption, wage setting, and monetary...

We study the distributional consequences of the recent inflationary surge and the subsequent monetary policy response in the euro area. Using an estimated two-asset Heterogeneous Agent New Keynesian model with an overlapping generations structure, we analyze the macroeconomic shocks driving...

Plans to introduce a digital euro are becoming increasingly concrete. The European Parliament is expected to vote on the proposal in May 2026, with the European legislative process set to be completed by the end of the year. However, the digital euro is likely to be primarily a prestige project...

Using a survey of 39,507 adults in 17 euro-area countries, I find that crypto-asset owners and the niche subgroup of payers have distinct profiles. Owners - typically younger, male, and financially active - exhibit mixed preferences, valuing both cash-like privacy and card-like speed. Crypto...

Hosting mega-sports events generates optimistic projections of economic benefits, yet empirical evidence on actual local returns remains mixed. Focusing on the UEFA EURO 2024 in Germany, this paper provides causal evidence on the short-term local consumption effects of hosting mega-events. We...

This study provides an empirical analysis of deferred tax accounting under IFRS (IAS12), focusing on international and sectoral diversity within the eurozone. While IFRS aims for uniform accounting standards, prior research suggests that national tax, legal, and cultural contexts significantly...

This study investigates technical efficiency scores and performance change patterns by applying the tourism-induced Data Envelopment Analysis (DEA) to the Eurozone from 1996 to 2019. The study uses direct employment in tourism and capital investment spending directly related to the travel and...

This paper contributes to current debates surrounding the digital euro and US stablecoins by unpacking the present day relevance of two important episodes in monetary history: Prussia's effort in the 18th century to implement a uniform coinage standard across the Holy Roman Empire, and the 19th...

Vor dem Hintergrund einer langsamen konjunkturellen Erholung steigt die Kreditnachfrage österreichischer Unternehmen seit dem dritten Quartal 2025 wieder schrittweise an. Davor war sie in einer ausgedehnten wirtschaftlichen Schwächephase drei Jahre lang gesunken. Für den aktuellen Anstieg der...

In this note, we provide a brief first quantitative assessment of possible consequences of the energy price shock for euro area inflation. We consider different scenarios of more or less persistent increases of gasoline, diesel, natural gas, kerosine price increases on headline and core HICP...

We examine the changing attention that ECB Governing Council members pay to different policy objectives by analysing more than 4,600 speeches given between the establishment of the ECB and the summer of 2024. Alongside the primary objective of price stability, we consider the following potential...

This study examines public debt sustainability in the Eurozone by estimating fiscal reaction functions that assess how fiscal balances respond to rising public debt under heterogeneous macroeconomic conditions. Using annual panel data for 20 EU countries from 2000 to 2024, we employ fixed...

Central bank collateral policy specifies which assets banks can pledge as collateral to obtain central bank funding and is an important determinant of liquidity in the banking system. We propose a high-frequency identification approach to study the systematic effects of central bank collateral...

Im Euroraum sind rund 12 % der Preise administriert, das heißt, ihre Festsetzung erfolgt entweder direkt durch den Staat oder wird stark von ihm beeinflusst; in Österreich sind es rund 9 %. Besonders im Dienstleistungssektor ist der staatliche Einfluss hoch - im Euroraum sind etwa 18 % der...