EU - Κατάρρευση του Τουρισμού λόγο της Πανδημίας - Report ECB

Publication - Εξελίξεις στον τομέα του Τουρισμού κατά τη διάρκεια της πανδημίας COVID-19

Προετοιμασία των Vanessa Gunnella, Georgi Krustev και Tobias Schuler  -  Δημοσιεύθηκε ως μέρος του Οικονομικού Δελτίου της ΕΚΤ, τεύχος 8/2020 .

Ένα εμφανές χαρακτηριστικό της πανδημίας κοροναϊού (COVID-19) ήταν η απότομη και βαθιά μείωση της κινητικότητας, η οποία προκάλεσε πτώση στον τουρισμό, το εμπόριο ταξιδιωτικών υπηρεσιών και την κατανάλωση από μη κατοίκους. 

COVID-19 and non-performing loans - High NPL levels are a common feature of banking crises, and are often studied around such events ..

Publication - 27 May 2020  - RESEARCH BULLETIN NO.71  - COVID-19 and non-performing loans: lessons from past crises   -  By Anil Ari, Sophia Chen, and Lev Ratnovski[1]

During crises, the number of loans that cannot be paid back increases. What are the lessons from past crises for non-performing loan resolution after COVID-19? In this article we use a new database covering non-performing loans (NPLs) in 88 banking crises since 1990 to find out. The data show that dealing with NPLs is critical to economic recovery. 

Coronavirus and Euro area Economy - The Next day ...

Publication  01 May 2020 - Alternative scenarios for the impact of the COVID-19 pandemic on economic activity in the euro area   - Prepared by Niccolò Battistini and Grigor Stoevsky

The outbreak of the COVID-19 pandemic has dramatically affected global economic activity since early 2020. The rapid spread of the novel coronavirus (COVID-19) has required drastic measures to be taken, ranging from social distancing and the banning of public events to shutdowns, lockdowns and restrictions on numerous activities. 

Με Σημερινή απόφασή της η ΕΚΤ αποδέχεται ξανά τα Ομόλογα που εκδόθηκαν από την Ελληνική Δημοκρατία ως πιστωτική εξασφάλιση ...

Δελτίο Τύπου  7 Απριλίου 2020   -  Η ΕΚΤ ανακοινώνει δέσμη μέτρων προσωρινής ανακούφισης των ασφαλειών

Η ΕΚΤ υιοθετεί ένα πρωτοφανές σύνολο μέτρων διασφάλισης για την άμβλυνση των αυστηρότερων οικονομικών συνθηκών σε ολόκληρη τη ζώνη του ευρώ

EU Economy - The current account surplus of the euro area declined to €320 billion (2.7% of euro area GDP) in 2019..- ECB

PRESS RELEASE  7 April 2020  - Euro area quarterly balance of payments and international investment position:  fourth quarter of 2019

Current account surplus at €320 billion (2.7% of euro area GDP) in 2019, down from €361 billion (3.1% of GDP) in 2018.

Geographic counterparts: largest bilateral surpluses vis-à-vis the United Kingdom (€184 billion in 2019, up from €158 billion in 2018) and the United States (€111 billion, down from €133 billion), with largest deficits vis-à-vis offshore centres (€77 billion, up from €9 billion) and China (€69 billion, up from €65 billion).

H ΕΚΤ στέλνει ένα σαφές μήνυμα στις Αγορές - Δεν θα ανεχθεί αποσταθεροποίηση της νομισματικής της πολιτικής σε οποιαδήποτε χώρα της ζώνης του ευρώ. ..

Publication  -  Συνέντευξη με το Vima  - Συνέντευξη με την Isabel Schnabel, μέλος της Εκτελεστικής Επιτροπής της ΕΚΤ, που πραγματοποιήθηκε από τον Άγγελο Αθανασόπουλο και δημοσιεύθηκε στις 4 Απριλίου 2020

Η ΕΚΤ αποφάσισε πρόσφατα να αποδεσμεύσει την πυροδότησή της για άλλη μια φορά για να προστατεύσει την οικονομία της ζώνης του ευρώ. Η εισαγωγή του πανδημικού προγράμματος αγοράς έκτακτης ανάγκης ύψους 750 δισεκατομμυρίων ευρώ (PEPP) είναι το τελευταίο σε μια σειρά μέτρων, ενώ η ΕΚΤ έχει ήδη εξαγγείλει πρόσθετο κονδύλιο για το πρόγραμμα αγοράς ιδίων κεφαλαίων ύψους 120 δισ. Ευρώ σε καθαρές αγορές έως το τέλος του 2020, επιπλέον των μηνιαίων καθαρών αγορών ενεργητικού ύψους 20 δισ. ευρώ. Γιατί ήταν ένα ad hoc, προσωρινό πρόγραμμα όπως το PEPP που χρειαζόταν;

EU Economy - Euro area bank interest rate statistics: February 2020

PRESS RELEASE - 1 April 2020 - Euro area bank interest rate statistics: February 2020

The composite cost-of-borrowing indicator for new loans to corporations and for new loans to households for house purchase remained broadly unchanged in February 2020, at 1.52% and 1.41%, respectively.

Puplication - Banks are not required to fund with capital their investments in sovereign bonds denominated in euro, which are considered de facto riskless ..

Working Paper Series  30 Mar. 2020 - The effect of possible EU diversification requirements on the risk of banks’ sovereign bond portfolios

Non-technical summary

 In the current Capital Requirements Regulation, special treatment is reserved for exposures of European banks to government bonds denominated in domestic currency. Banks are not required to fund with capital their investments in sovereign bonds denominated in euro, which are considered de facto riskless. Furthermore, sovereign exposures are not subject to any concentration limits and can represent a large part of banks’ capital. As a result, there are strong regulatory incentives for banks to hold disproportionate amounts of domestic sovereign debt for capital and liquidity reasons. 

EU Economy - Euro area real GDP growth remained subdued at 0.1% .. - ECB

Press Release  - 26 March 2020   - ECONOMIC BULLETIN  -  ECB publishes Economic Bulletin   - Issue 2, 2020

Overview

At its monetary policy meeting on 12 March, the Governing Council decided on a comprehensive package of monetary policy measures. Together with the substantial monetary policy stimulus already in place, these measures will support liquidity and funding conditions for households, businesses and banks and will help to preserve the smooth provision of credit to the real economy. 

Global Economy - Liquidity via the standing US dollar .. - ECB

Press Release  20 March 2020  - Coordinated central bank action to further enhance the provision of US dollar liquidity

• ECB and other major central banks to offer 7-day US dollar operations on a daily basis
• Operations with 84-day maturity continue to be offered weekly
• New frequency effective as of 23 March 2020, to remain in place for as long as appropriate to support smooth functioning of US dollar funding markets

EU Economy - The current account recorded a surplus of €364 billion (3.1% of euro area GDP) ... - ECB

PRESS RELEASE  20 March 2020  - Euro area monthly balance of payments: January 2020

In January 2020 the current account of the euro area recorded a surplus of €35 billion, compared with a surplus of €33 billion in December 2019.

In the 12-month period to January 2020, the current account recorded a surplus of €364 billion (3.1% of euro area GDP), compared with a surplus of €359 billion (also 3.1% of euro area GDP) in the 12 months to January 2019.

ECB announces €750 billion Pandemic Emergency Purchase Programme ..

PRESS RELEASE - 18 March 2020  ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)

The Governing Council decided the following:

(1) To launch a new temporary asset purchase programme of private and public sector securities to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus, COVID-19.

EU Economy - COVID-19 - Even if ultimately temporary in nature, it will have a significant impact on economic activity ... - ECB

Release NEWS -  PRESS CONFERENCE  Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB  -  Frankfurt am Main, 12 March 2020

Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.

Since our last Governing Council meeting in late January, the spread of the coronavirus (COVID-19) has been a major shock to the growth prospects of the global and euro area economies and has heightened market volatility. 

EU Economy - The interest rate will remain unchanged at 0.00%, 0.25% and -0.50% respectively - ECB

PRESS RELEASE - 12 March 2020

Monetary policy decisions

At today’s meeting the Governing Council decided on a comprehensive package of monetary policy measures:

(1) Additional longer-term refinancing operations (LTROs) will be conducted, temporarily, to provide immediate liquidity support to the euro area financial system. Although the Governing Council does not see material signs of strains in money markets or liquidity shortages in the banking system, these operations will provide an effective backstop in case of need. 

EU Economy - The Eurosystem’s retail payments strategy: a pan-European vision

Towards the retail payments of tomorrow: a European strategy

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Joint Conference of the ECB and the National Bank of Belgium on “Crossing the chasm to the retail payments of tomorrow”

Brussels, 26 November 2019

Europe has made important progress towards a true banking union in recent years. We now have a single banking supervisor for significant institutions, a single framework for resolving failing institutions, a single fund to finance those resolution activities, and we will soon have a single backstop for that fund. There are also renewed hopes that political negotiations could soon begin on a European deposit insurance scheme.

Never underestimate the European project - Interview with Benoît Cœuré, Member of the Executive Board of the ECB

Publication  -  Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Pierre Briançon on 5 February 2019 and published on 7 February 2019

Why did the European Central Bank both warn against increased risks for the eurozone economy and choose to do nothing at its last meeting?

At this stage, we don’t think that we have enough elements to conclude that we’re facing a lasting and serious slowdown of the eurozone economy. That said, we have a duty of transparency, we have to communicate on the way we see the economy. Forward guidance implies that you’re being honest on the risks ahead. Hence our conclusion that risks have moved to the downside.

EU Economic Bulletin - Financial conditions remain accommodative overall - Demand for bank credit continued to rise.. - ECB

Publication - 07 February 2019  - Update on economic and monetary developments

Summary

The incoming information that has become available since the Governing Council’s decision to end net asset purchases in December 2018 has continued to be weaker than expected on account of softer external demand and some country and sector-specific factors. In particular, the persistence of uncertainties relating to geopolitical factors and the threat of protectionism is weighing on economic sentiment.

Monetary developments in the euro area - The annual growth rate of the broad monetary aggregate M3 increased to 4.1% ..

Press Release  -  28 January 2019  -  Monetary developments in the euro area: December 2018

• Annual growth rate of broad monetary aggregate M3 increased to 4.1% in December 2018 from 3.7% in November

• Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 6.6% in December, compared with 6.7% in November

• Annual growth rate of adjusted loans to households stood at 3.3% in December, unchanged from previous month

• Annual growth rate of adjusted loans to non-financial corporations stood at 4.0% in December, unchanged from previous month

Euro area real GDP increased by 0.2% in the third quarter of 2018, following growth of 0.4% in the previous two quarters..- ECB

PRESS CONFERENCE  - Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, - Frankfurt am Main, 24 January 2019

INTRODUCTORY STATEMENT

Jump to the transcript of the questions and answers

Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.

Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them to remain at their present levels at least through the summer of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.

EU - Banks’ NPL ratios affected their lending policies over the past six months mainly through their impact on access to market financing ..

PRESS RELEASE  - 22 January 2019  -  Results of the January 2019 euro area bank lending survey

• Credit standards broadly unchanged for loans to enterprises and housing loans
• Firms’ and households’ demand for loans higher, but banks expect some moderation in demand
• Banks’ non-performing loans have tightening impact on credit standards

Credit standards – i.e. banks’ internal guidelines or loan approval criteria – for loans to enterprises remained broadly unchanged in net terms in the fourth quarter of 2018, according to the January 2019 bank lending survey (BLS).