Only very subdued growth in sight

Negative interest rates have been an integral part of the ECB's overall monetary accommodation for just over five years now. Research indicates that the advantages of slightly negative interest rates outweigh the disadvantages.

Global growth has slowed substantially during the course of the current year. One cause of this has been the trade war between the United States and China. Brexit, too, has added to the uncertainty surrounding the future course of the economy.

A key question in sustainable finance is finding ways for reorienting investments more rapidly and effectively, but at the same time in a balanced manner, towards supporting emission reduction targets.

Assessing the risks and costs arising from climate change – its effects, mitigation and, in the worst case, failure to mitigate – presents a major challenge for financial sector participants.

Slower-than-target inflation and a persistent decline in inflation expectations are key challenges for monetary policy. A negative equilibrium of prolonged low inflation and zero interest rates would fundamentally weaken monetary policy’s room for manoeuvre in balancing fluctuations in the economic cycle.

Euro area productivity growth has been slowing since the turn of the millennium. Economic policy that bolsters stability in the economy is a vital factor for productivity growth.