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Banks are encouraged to participate in Eurosystem standard refinancing operations as central bank reserves decline

By the end of 2026, the continued decline in central bank reserves in the euro area banking system will mean that around half of euro area banks will have reached their preferred level of reserves, according to Eurosystem projections. As central bank reserves decline, the use of Eurosystem standard refinancing operations is in turn expected to increase from its current level.

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Wage indicators under scrutiny: What can they reveal about services inflation in the euro area?

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Euro area’s economy weathers tariff turmoil

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Old wisdom and new trends in monetary policy implementation

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Impact of geopolitical surprises on euro area inflation varies case by case

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Will the euro area’s robust employment growth continue?

Analysis Published on

Impact of ECB’s policy rate changes on corporate loan rates varies strongly across countries

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Recent insights into r*: An analysis using a modified Holston-Laubach-Williams model

Simply Short Published on

Inflation down but euro area’s manufacturing still struggling with high energy costs

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Rates intact for now – monetary policy still supports disinflation

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Fiscal policy and debt sustainability in the euro area since the COVID-19 pandemic and energy crisis

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What factors have influenced the dynamics of euro area prices and wages?

Monetary Policy Review Published on

Will euro area inflation subside without a recession and excessive tightening of financing conditions?