Haku

The euro area has been drawn into an energy crisis that could have a long-term impact on the area’s economy. The escalating price of energy is increasing euro area import prices, weakening the current account and further ...

Russia’s war in Ukraine is stifling the economy’s promising recovery following two years of the COVID-19 pandemic. The war has not only shaken the foundations of Europe’s security order but has also considerably weakened ...

Energy prices have risen substantially within the euro area. Natural gas and electricity, in particular, have become more expensive as a consequence of Russia’s war in Ukraine. The effects of the energy crisis on the economy ...

The euro area is a net energy importer. In 2020 slightly over 60% of the euro area’s gross available energy was imported from elsewhere. Soaring energy prices have pushed up import prices for euro area countries. This ...

The international economy is recovering from the COVID-19 crisis. Recovery is underpinned by the rising vaccination coverage and accommodative monetary policies. The steep contraction in the international economy last year ...

Monetary policy in the euro area has been highly accommodative in recent years. The accommodative stance has also been reflected in banks’ lending rates. The transmission of monetary policy has become more effective, ...

The operating environment for monetary policy has changed: the euro area macroprudential system – or macroprudential framework –for dampening country and sector-specific overheating is now stronger than before the financial ...

The decision by the ECB Governing Council to ease monetary policy through an expanded asset purchase programme will boost demand and accelerate inflation via a number of different channels. Completion of the comprehensive ...

Central banks have acted forcefully to provide monetary accommodation. With little room for manoeuvre for standard interest rate policy, unconventional measures have been adopted. Committing to monetary accommodation gains ...