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SPEECH

[H2] Upholding independence in challenging times

Money rests on a promise: that its value will be preserved over time. This promise is upheld by the trust that citizens place in the institutions responsible for safeguarding it, says President Christine Lagarde. Preserving that trust is the mission that unites central banks.
Read President Lagarde’s speech

In focus

SPEECH
28 May 2026

[H3]
Money in the digital age
Our goal is to preserve trust and stability as technology reshapes how money is used, says Board Member Piero Cipollone at Istituto Affari Internazionali. With our comprehensive payment strategy, we aim to modernise central bank money across retail, wholesale and cross‑border payments.
Read the full speech

MONETARY POLICY
28 May 2026

[H3]
Account of April monetary policy meeting
The Governing Council kept interest rates unchanged, citing heightened uncertainty from the war in the Middle East and intensified inflation and growth risks. Members reaffirmed their commitment to ensuring that inflation stabilises at 2% in the medium term.
Read the account

PUBLICATION
27 May 2026

[H3]
Financial stability risks facing the euro area
In a volatile global environment, it is crucial to look closely at risks affecting the financial system. We analyse the potential impact of the war in the Middle East, fiscal challenges, elevated asset prices, vulnerabilities among non-banks, cybersecurity threats and more.
Read our Financial Stability Review

Press releases

28 May 2026MONETARY POLICY ACCOUNTMeeting of 29-30 April 2026
English30 April 2026MONETARY POLICY DECISIONMonetary policy decisions
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SvenskaSV27 May 2026PRESS RELEASEFinancial stability vulnerabilities remain elevated as geoeconomic shock unfolds
English27 May 2026FINANCIAL STABILITY REVIEWFinancial Stability Review, May 2026
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English26 May 2026WEEKLY FINANCIAL STATEMENTConsolidated financial statement of the Eurosystem as at 22 May 2026
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SvenskaSV26 May 2026WEEKLY FINANCIAL STATEMENT - COMMENTARYCommentary
English22 May 2026GOVERNING COUNCIL DECISIONS - OTHER DECISIONSDecisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
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SvenskaSV21 May 2026BALANCE OF PAYMENTS (MONTHLY)Euro area monthly balance of payments: March 2026
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FrançaisFR21 May 2026BALANCE OF PAYMENTS (MONTHLY)Tables
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ALL PRESS RELEASES

Speeches

28 May 2026Piero Cipollone: Money in the digital ageSpeech by Piero Cipollone, Member of the Executive Board of the ECB, at Istituto Affari Internazionali
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ItalianoIT28 May 2026Christine Lagarde: When It Matters Most: Upholding Independence in Challenging TimesSpeech by Christine Lagarde, President of the ECB, at the 28th meeting of Francophone Central Bank Governors, in Phnom Penh, Cambodia
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FrançaisFR27 May 2026Luis de Guindos: Financial Stability Review - May 2026Presentation slides by Luis de Guindos, Vice-President of the ECB, at the Financial Stability Review press briefing
English22 May 2026Philip R. Lane: Europe and the world economyKeynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Asian Monetary Policy Forum
English21 May 2026Frank Elderson: A central banker’s perspective on climate change and nature degradationSlides by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the University of Oxford in Oxford, United Kingdom
English

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Interviews

26 May 2026Philip R. Lane: Interview with NikkeiInterview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Shogo Akagawa and Shiori Goso on 19 May 2026
English26 May 2026Isabel Schnabel: Interview with ReutersInterview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balázs Korányi and Reinhard Becker on 21 May 2026
English11 May 2026Luis de Guindos: Interview with Financial TimesInterview with Luis de Guindos, Vice-President of the ECB, conducted by Olaf Storbeck on 7 May 2026
English3 May 2026Luis de Guindos: Interview with El PaísInterview with Luis de Guindos, Vice-President of the ECB, conducted by Amanda Mars on 30 April 2026
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EspañolES22 April 2026Frank Elderson: Interview with NRC Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Eva Smal on 15 April 2026
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The ECB Blog

26 May 2026How the war in the Middle East is reshaping euro area firms’ expectations The economic shock caused by the war between the United States and Iran has quickly fed into euro area firms’ expectations. Daily responses to an ECB survey show an immediate increase in expected input costs, selling prices and short-term inflation.Annalisa FerrandoJohannes GroßSara LambogliaLaura LebastardJudit RarigaMaurice Schmidt
EnglishJEL CodeE50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→GeneralG10 : Financial Economics→General Financial Markets→GeneralE31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation15 May 2026How cross-border flows via non-bank financial institutions constrain financing for euro area firmsNon-bank financial institutions (NBFIs) are on the rise. This blog shows how shifts in their borrowing and investment portfolios constrain financing for euro area firms and affect the transmission of monetary policy.Dorian HenricotCaterina MendicinoLuis Molestina VivarWouter WakkerJakob Wenzl
EnglishJEL CodeE20 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→GeneralE50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General6 May 2026Why apps matter: digital banks pass on monetary policy differentlyDigitalisation is reshaping how banks pass on monetary policy. Compared with their branch‑based peers, digital banks are faster at adjusting deposit pricing for policy changes, but slower at updating their loan pricing.Katarzyna Budnik
EnglishJEL CodeE50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→GeneralG20 : Financial Economics→Financial Institutions and Services→General21 April 2026Navigating uncertain times with the help of artificial intelligence Artificial intelligence (AI) can help track inflation risks in real time. A new ECB model based on machine learning informs experts how likely it is that inflation will be much higher or much lower than they expect. Óscar ArceKarin KlieberMichele LenzaJoan Paredes
EnglishJEL CodeE31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, DeflationE37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications13 April 2026Why monetary policy hits harder after big shocksDuring the latest tightening episode, interest rate hikes were especially effective. This ECB Blog finds a strong policy transmission to inflation during 2022 and 2023, a forceful response to supply-driven shocks and a low “sacrifice ratio”.Alina BobasuMatteo CiccarelliAlex GrimaudMartin MandlerAndrejs Zlobins
EnglishJEL CodeE50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→GeneralE31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation

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Publications

28 May 2026WORKING PAPER SERIES - No. 3240Firm level heterogeneity and the impact of monetary policy on labour demandGert BijnensJohn HutchinsonArthur Saint Guilhem
EnglishAbstractMonetary policy asymmetrically affects the response of firms’ employment to an output shock and plays a role in cushioning employment adjustment over the business cycle. Combining annual firm-level data until 2020 with quarterly firm-level data until 2023 and high-frequency monetary policy surprises, we show that for a given change in output, monetary policy influences the extent to which firms hold on to labour, or “labour hoard”. Furthermore, this effect is asymmetric: a restrictive monetary policy reduces labour hoarding behaviour by 2 to 3 times more than an accommodative policy increases it. Finally, we look at the role of financing conditions and firm demographics.JEL CodeE52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary PolicyJ23 : Labor and Demographic Economics→Demand and Supply of Labor→Labor DemandE32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, CyclesNetworkChallenges for Monetary Policy Transmission in a Changing World Network (ChaMP)27 May 2026WORKING PAPER SERIES - No. 3239Stockholding in Europe: Evidence from the Consumer Expectations SurveyDimitris ChristelisDimitris GeorgarakosTullio JappelliGeoff KennyJustus Meyer
EnglishAbstractWe examine recent changes in stock market participation using newly available survey data from eleven euro area countries over the period 2020–2024. The evidence points to substantial turnover, with around 10% of non-stockholders entering the market each year, and more than 20% of stockholders exiting. New entrants tend to have lower education, income, financial literacy, and risk tolerance than established investors, indicating a shift in the composition of market participants. We also highlight the growing importance of cryptocurrency investments among retail investors. Overall, these findings shed new light on evolving household financial behavior and its implications for market participation and financial stability.JEL CodeD14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal FinanceE21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, WealthG51 : Financial Economics27 May 2026WORKING PAPER SERIES - No. 3238Identifying relationship-level effects using covariance restrictionsOlivier De JongheDaniel Lewis
EnglishAbstractWe propose a new model in which relationship-specific effects or shocks are identified in a bipartite network under mild covariance restrictions, generalizing the influential Abowd et al. (1999) framework. For example, separate demand shocks are identified for each bank from which a firm borrows. We show how previous approaches break down when confronted with such heterogeneity, while our novel identification strategy yields a simple estimator that is consistent and asymptotically normal, under weaker network density assumptions than previous approaches. The methodology performs well in empirically-calibrated simulations. We apply our approach to identify relationship-level credit demand and supply shocks for thousands of firms and banks across nine Euro-area countries and three distinct economic episodes. We formally reject the Abowd et al. (1999) assumptions in nearly every country-period and show that within-firm/bank shock variation is of comparable scale to between firm/bank variation. We document considerable bias in Abowd et al. (1999) style estimates and associated regressions, while finding significant deleterious effects of the post-2022 monetary contraction on exposed firms. We highlight novel heterogeneity in the transmission of monetary policy.JEL CodeC33 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Panel Data Models, Spatio-temporal ModelsC58 : Mathematical and Quantitative Methods→Econometric Modeling→Financial EconometricsE44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the MacroeconomyG21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, MortgagesG30 : Financial Economics→Corporate Finance and Governance→GeneralNetworkChallenges for Monetary Policy Transmission in a Changing World Network (ChaMP)27 May 2026FINANCIAL STABILITY REVIEWFinancial Stability Review, May 2026
English
English27 May 2026FINANCIAL STABILITY REVIEWStatistical data
English27 May 2026PRESS RELEASEFinancial stability vulnerabilities remain elevated as geoeconomic shock unfolds
English27 May 2026FINANCIAL STABILITY REVIEW - BOXAssessing the macroprudential impact of liquidity management tools for investment funds: a system-wide analysisAntoine BaenaMatthias SydowGarbrand WiersemaFinancial Stability Review Issue 1, 2026
EnglishAbstractLiquidity mismatches in open-ended funds can generate systemic risk when redemption pressures meet illiquid markets, potentially triggering fire-sale spirals and spillovers to banks and other financial institutions. This box uses a system-wide agent-based model of the European financial system to assess the macroprudential impact of liquidity management tools in open-ended investment funds. The analysis evaluates two types of tool applied to second-round redemptions under the adverse scenario of the 2025 EU-wide stress test: redemption gates, which limit withdrawals, and anti-dilution levies, which pass liquidation costs on to redeeming investors. The results suggest that appropriately calibrated redemption gates can redistribute liquidity pressure away from more fragile and less liquid funds towards more resilient funds, thereby reducing the risk of destabilising fire sales while only marginally restricting aggregate liquidity. Anti-dilution levies g

[H1] Asset purchase programmes

[H3] ON THIS PAGE

CSPP

PSPP

ABSPP

CBPP3

Terminated programmes

Looking for information on the pandemic emergency purchase programme (PEPP)?
The ECB’s asset purchase programme (APP) started as part of a package of non-standard monetary policy measures that
also included targeted longer-term refinancing operations, and which was initiated in mid-2014 to support the
monetary policy transmission mechanism and provide the amount of policy accommodation needed to ensure price
stability.
The APP consists of the:
corporate sector purchase programme (CSPP)
public sector purchase programme (PSPP)
asset-backed securities purchase programme (ABSPP)
third covered bond purchase programme (CBPP3)
As part of the ECB’s
monetary policy strategy review, concluded in July 2021, the Governing Council reiterated that the ECB’s
primary monetary policy instrument is its set of policy rates. However, the Governing Council also recognised that,
in the presence of an effective lower bound on policy rates, it will also employ other instruments, namely forward
guidance, asset purchases and longer-term refinancing operations, as appropriate. This means that asset purchase
programmes are now part of the ECB’s set of instruments for steering its monetary policy to ensure inflation
stabilises at its 2% target in the medium term.
Over the years, the Governing Council has taken several decisions to recalibrate the pace of purchases and
reinvestments. The most recent recalibration was on 15 June 2023, when the Governing Council announced that it would discontinue
reinvestments under the APP as of July 2023. Going forward, the APP portfolio is expected to decrease as assets
reach maturity unless the Governing Council decides, as appropriate, to use this instrument to steer the ECB’s
monetary policy.

[H2] APP net purchases, by programme
The Eurosystem started to purchase securities under the asset purchase programmes of its APP in October 2014. The
Governing Council recalibrated the overall net purchases under these programmes from time to time as follows:
€60 billion of net purchases from March 2015 to March 2016;
€80 billion of net purchases from April 2016 to March 2017;
€60 billion of net purchases from April to December 2017;
€30 billion of net purchases from January to September 2018;
€15 billion of net purchases from October to December 2018;
no net purchases, only reinvestments of redemptions, from January to October 2019;
€20 billion of net purchases from November 2019 to March 2022 (a temporary €120 billion envelope of net asset
purchases was added from March to December 2020);
€40 billion of net purchases in April 2022;
€30 billion of net purchases in May 2022;
€20 billion of net purchases in June 2022;
no net purchases, but full reinvestments of redemptions between July 2022 and February 2023;
no net purchases and only partial reinvestments of redemptions from March 2023 to June 2023;
no reinvestments of redemptions as of July 2023.

[H4] Chart 1
Net asset purchases by programme under APP
[IMG: Net asset purchases by programme under APP]
Source: ECBNotes: The average monthly APP targets were first set by the ECB’s Governing
Council at the start of the PSPP in March 2015. The additional envelope of €120 billion decided by the Governing
Council on 12 March 2020 has been linearised for illustration in this chart, while it will be implemented in
full according to the established principles with additional flexibility.

On 9 June 2022 the Governing Council decided to discontinue net asset purchases under the APP as of 1 July 2022,
but to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP. On 15
December 2022 the Governing Council decided that from the beginning of March 2023, the APP portfolio will decline at
a measured and predictable pace, as the Eurosystem will not reinvest all of the principal payments from maturing
securities. The decline will amount to €15 billion per month on average until the end of the second quarter of 2023
and its subsequent pace will be determined over time. On 2 February 2023 the Governing Council decided on the detailed modalities for
reducing the Eurosystem holdings of securities under the APP through the partial reinvestment of the principal
payments from maturing securities. On 4 May 2023 the Governing Council announced it expected to discontinue
reinvestments under the APP as of July 2023. On 15 June 2023 the Governing Council confirmed that reinvestments
under the APP would be discontinued as of July 2023.
The table presents the Eurosystem holdings at the end of the month and a breakdown in the change of Eurosystem
holdings.

Changes of holdings (previous month)
ABSPPCBPP3CSPPPSPPAPP

Holdings* in March 20262,472200,065236,3791,788,0212,226,938
Monthly net purchases-153-3,855-4,384-42,419-50,811
Quarter-end amortisation adjustment and redemptions of coupon STRIPS00000
Holdings* in April 20262,319196,209231,9951,745,6032,176,126

*At amortised cost, in EUR millions, at month-end. Figures may not add up due to rounding.
Figures are preliminary and may be subject to revision.

Amortisation adjustments are made at the end of each quarter. The amortisation emerges from an accounting principle
that implies that securities purchased at prices below face value have to be revalued upwards over time towards
maturity, and revalued downwards over time, if purchased at prices above face value. STRIPS are accounted for at the
end of each month (see Question 2.4 in the Q&A).

History of cumulative purchase breakdowns under the APP last update: 05 May 2026
Weekly changes are reported below and in the Eurosystem weekly financial statement. Full
historical data are available in the Statistics section under Data on daily liquidity
conditions.

[H3] APP cumulative net purchases, by programme
The stock of Eurosystem APP bonds stood at €2402 billion at the end of April 2026. The cumulative net purchases are illustrated below.
[IMG: Eurosystem cumulative net asset purchases from 2015-2018, broken down by purchase programme type. Reinvestments from 2019.]

[H2] APP redemptions
During the reinvestment phase of the APP, when reinvesting APP redemptions, the Eurosystem in general adhered to
the principle of market neutrality via a smooth and flexible implementation. More specifically, for corporate bond
reinvestments, from October 2022 the Eurosystem tilted these purchases towards issuers with a better climate performance.
Additionally, on 2 February 2023 the Governing Council
decided that during the phase of partial
reinvestment the Eurosystem’s corporate bond purchases would be tilted more strongly towards issuers with a better
climate performance.
To allow for a regular and balanced market presence the Governing Council decided to distribute the reinvestment of
principal redemptions through time.
The table presents estimated monthly redemptions for the next 24 months.

EUR millions
ABSPP
CBPP3
CSPP
PSPP
APP

Dec 25
251
1,903
1,967
8,274
12,395

Jan 26
239
4,740
3,502
8,318
16,799

Feb 26
209
3,911
2,720
34,465
41,305

Mar 26
165
1,575
5,526
25,119
32,385

Apr 26
172
3,685
4,562
42,688
51,107

May 26
69
1,003
6,725
21,135
28,932

Jun 26
129
2,317
4,692
17,964
25,102

Jul 26
82
1,554
1,097
24,306
27,039

Aug 26
68
1,566
684
12,570
14,888

Sep 26
141
3,281
3,496
12,118
19,036

Oct 26
430
3,123
4,069
18,215
25,837

Nov 26
53
3,692
2,398
28,397
34,540

Dec 26
52
1,216
1,741
7,420
10,429

Jan 27
462
5,765
5,580
13,473
25,280

Feb 27
73
2,093
2,432
23,270
27,868

Mar 27
111
4,493
4,919
8,239
17,762

Apr 27
17
2,695
3,455
27,014
33,181

May 27
11
4,251
3,716
22,109
30,087

Jun 27
30
3,938
5,038
16,903
25,909

Jul 27
16
2,653
2,172
29,798
34,639

Aug 27
11
2,262
681
13,389
16,343

Sep 27
31
3,429
3,941
10,251
17,652

Oct 27
133
3,695
3,320
24,924
32,072

Nov 27
11
2,263
3,782
21,127
27,183

Dec 27
39
163
2,035
2,949
5,186

* Actual redemption, based on month-end data. ECB estimates in italics. Figures may not add up
due to rounding. Figures are preliminary and may be subject to revision.
Notes: Realised redemptions may differ from estimated redemptions. As of 3 September 2024, monthly
redemptions will be published at an annual frequency. To preserve the current level of information, the
redemption horizon will be extended to 24 months.

History of APP redemptions last update: 07 January 2026
[H2] Corporate sector purchase programme (CSPP)
Between 8 June 2016 and 19 December 2018 the Eurosystem conducted net purchases of corporate sector bonds under the
corporate sector purchase programme. From January to October 2019 the Eurosystem only reinvested the
principal payments from maturing securities held in the CSPP portfolio. Purchases of securities under the CSPP were
then restarted on 1 November 2019 and continued until the end of June 2022. Between July 2022 and February 2023 the
Eurosystem aimed to fully reinvest the principal payments from maturing securities. From March 2023 the Eurosystem
only partially reinvested the principal payments from maturing CSPP securities. The Eurosystem discontinued all CSPP
reinvestments as of July 2023.
As announced in July 2022, the Eurosystem aims to gradually decarbonise its corporate bond holdings, on a path
aligned with the goals of the Paris Agreement. To that end, the Eurosystem tilted these purchases under the APP
towards issuers with a better climate performance through the reinvestment of the sizeable redemptions.

Decision
ECB/2016/16 of 1 June 2016
Decision
ECB/2017/4 of 11 January 2017 amending Decision ECB/2016/16
Decision
ECB/2017/13 of 18 May 2017 amending Decision ECB/2016/16
Decision ECB/2020/18 of 24
March 2020 amending Decision ECB/2016/16
Press release announcing the details of the corporate
sector purchase programme
Economic Bulletin Issue 5/2016 – The corporate
bond market and the ECB’s corporate sector purchase programme
Economic Bulletin Issue 4/2017 – The ECB’s
corporate sector purchase programme: its implementation and impact
Economic Bulletin Issue 3/2018 – The impact
of the corporate sector purchase programme on corporate bond markets and the financing of euro area
non-financial corporations
Press release of 19 September 2022 – ECB
takes further steps to incorporate climate change into its monetary policy operations
FAQ on purchases of corporate sector debt instruments
under the Eurosystem’s monetary policy purchase programmes
FAQ on non-financial commercial paper purchases
under the Eurosystem’s monetary policy purchase programmes
FAQ on incorporating climate change
considerations into corporate bond purchases
Climate-related
financial disclosures of the Eurosystem’s corporate sector holdings for monetary policy purposes
Securities held under the CSPP that meet the programme’s minimum credit quality requirement are
made available for securities lending to support market liquidity and collateral availability in the market.

EUR mil.
226,187

Date
22 May 2026

* End of week, at amortised cost

List of corporate bond securities held under the CSPP/PEPP (end of week) last update: 26 May 2026

History of cumulative purchase breakdowns under the CSPP last update: 03 September 2024
Breakdown of CSPP portfolio by sector, rating and country of risk (annual) last update: 27 April 2026

Select date

[H2] Public sector purchase programme (PSPP)
The Eurosystem conducted net purchases of public sector securities under the public sector purchase programme between 9 March 2015 and 19 December 2018. From January to October 2019 the Eurosystem only reinvested the
principal payments from maturing securities held in the PSPP portfolio. Purchases of securities under the PSPP were
then restarted on 1 November 2019 and continued until the end of June 2022. Between July 2022 and February 2023 the
Eurosystem aimed to fully reinvest the principal payments from maturing securities. From March 2023 the Eurosystem
only partially reinvested the principal payments from maturing PSPP securities. As of July 2023 the Eurosystem
discontinued all PSPP reinvestments.
The securities covered by the PSPP include:
nominal and inflation-linked central government bonds
bonds issued by recognised agencies, regional and local governments, international organisations and
multilateral development banks located in the euro area
Since December 2018 government bonds and recognised agencies make up around 90% of the total Eurosystem portfolio,
while securities issued by international organisations and multilateral development banks account for around 10%.

Implementation aspects of the PSPP
Decision
ECB/2015/10 of 4 March 2015
Decision
ECB/2015/33 of 5 November 2015 amending Decision ECB/2015/10
Decision
ECB/2015/48 of 16 December 2015 amending Decision ECB/2015/10
Decision
ECB/2016/8 of 18 April 2016 amending Decision ECB/2015/10
Decision
ECB/2017/1 of 11 January 2017 amending Decision ECB/2015/10
FAQ on the public sector purchase programme
Securities purchased under the PSPP are made available for securities lending to support market liquidity and collateral availability in the market.

EUR millions
1,739,602

Date
22 May 2026

* End of week, at amortised cost

(EUR millions)
Cumulative net purchases as of end December 2025*Monthly net purchases in April 2026Cumulative net purchases as of end April 2026*WAM of PSPP portfolio holdings at end December 2025**WAM of PSPP portfolio holdings at end April 2026**WAM of eligible universe of securities under the PSPP at end April 2026**

Austria58,867055,8306.766.879.08
Belgium77,886074,9485.885.8310.30
Cyprus3,36203,0377.998.599.35
Germany481,995-16,238450,0396.466.638.29
Estonia60506054.954.626.05
Spain244,668-6,775232,7177.017.108.05
Finland35,564-2,48933,0757.117.348.78
France401,150-8,750375,5065.916.058.51
Ireland36,188036,1887.086.759.45
Italy312,201-4,810295,9627.227.337.90
Lithuania4,52704,4109.989.938.58
Luxembourg3,40403,4044.253.928.51
Latvia3,07003,0707.917.587.27
Malta1,33801,3388.918.587.75
The Netherlands106,780-733102,2736.806.839.90
Portugal45,503045,3096.366.068.96
Slovenia9,94209,2667.547.799.67
Slovakia14,329014,3297.407.079.01
Supranationals213,385-2,623202,9458.188.319.71
Total2,054,762-42,4191,944,2496.786.8

SPEECH

[H2] Upholding independence in challenging times

Money rests on a promise: that its value will be preserved over time. This promise is upheld by the trust that citizens place in the institutions responsible for safeguarding it, says President Christine Lagarde. Preserving that trust is the mission that unites central banks.
Read President Lagarde’s speech

In focus

SPEECH
28 May 2026

[H3]
Money in the digital age
Our goal is to preserve trust and stability as technology reshapes how money is used, says Board Member Piero Cipollone at Istituto Affari Internazionali. With our comprehensive payment strategy, we aim to modernise central bank money across retail, wholesale and cross‑border payments.
Read the full speech

MONETARY POLICY
28 May 2026

[H3]
Account of April monetary policy meeting
The Governing Council kept interest rates unchanged, citing heightened uncertainty from the war in the Middle East and intensified inflation and growth risks. Members reaffirmed their commitment to ensuring that inflation stabilises at 2% in the medium term.
Read the account

PUBLICATION
27 May 2026

[H3]
Financial stability risks facing the euro area
In a volatile global environment, it is crucial to look closely at risks affecting the financial system. We analyse the potential impact of the war in the Middle East, fiscal challenges, elevated asset prices, vulnerabilities among non-banks, cybersecurity threats and more.
Read our Financial Stability Review

Press releases

28 May 2026MONETARY POLICY ACCOUNTMeeting of 29-30 April 2026
English30 April 2026MONETARY POLICY DECISIONMonetary policy decisions
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SvenskaSV27 May 2026PRESS RELEASEFinancial stability vulnerabilities remain elevated as geoeconomic shock unfolds
English27 May 2026FINANCIAL STABILITY REVIEWFinancial Stability Review, May 2026
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English26 May 2026WEEKLY FINANCIAL STATEMENTConsolidated financial statement of the Eurosystem as at 22 May 2026
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SvenskaSV26 May 2026WEEKLY FINANCIAL STATEMENT - COMMENTARYCommentary
English22 May 2026GOVERNING COUNCIL DECISIONS - OTHER DECISIONSDecisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
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SvenskaSV21 May 2026BALANCE OF PAYMENTS (MONTHLY)Euro area monthly balance of payments: March 2026
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FrançaisFR21 May 2026BALANCE OF PAYMENTS (MONTHLY)Tables
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Speeches

28 May 2026Piero Cipollone: Money in the digital ageSpeech by Piero Cipollone, Member of the Executive Board of the ECB, at Istituto Affari Internazionali
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ItalianoIT28 May 2026Christine Lagarde: When It Matters Most: Upholding Independence in Challenging TimesSpeech by Christine Lagarde, President of the ECB, at the 28th meeting of Francophone Central Bank Governors, in Phnom Penh, Cambodia
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FrançaisFR27 May 2026Luis de Guindos: Financial Stability Review - May 2026Presentation slides by Luis de Guindos, Vice-President of the ECB, at the Financial Stability Review press briefing
English22 May 2026Philip R. Lane: Europe and the world economyKeynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Asian Monetary Policy Forum
English21 May 2026Frank Elderson: A central banker’s perspective on climate change and nature degradationSlides by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the University of Oxford in Oxford, United Kingdom
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Interviews

26 May 2026Philip R. Lane: Interview with NikkeiInterview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Shogo Akagawa and Shiori Goso on 19 May 2026
English26 May 2026Isabel Schnabel: Interview with ReutersInterview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balázs Korányi and Reinhard Becker on 21 May 2026
English11 May 2026Luis de Guindos: Interview with Financial TimesInterview with Luis de Guindos, Vice-President of the ECB, conducted by Olaf Storbeck on 7 May 2026
English3 May 2026Luis de Guindos: Interview with El PaísInterview with Luis de Guindos, Vice-President of the ECB, conducted by Amanda Mars on 30 April 2026
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EspañolES22 April 2026Frank Elderson: Interview with NRC Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Eva Smal on 15 April 2026
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NederlandsNL

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The ECB Blog

26 May 2026How the war in the Middle East is reshaping euro area firms’ expectations The economic shock caused by the war between the United States and Iran has quickly fed into euro area firms’ expectations. Daily responses to an ECB survey show an immediate increase in expected input costs, selling prices and short-term inflation.Annalisa FerrandoJohannes GroßSara LambogliaLaura LebastardJudit RarigaMaurice Schmidt
EnglishJEL CodeE50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→GeneralG10 : Financial Economics→General Financial Markets→GeneralE31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation15 May 2026How cross-border flows via non-bank financial institutions constrain financing for euro area firmsNon-bank financial institutions (NBFIs) are on the rise. This blog shows how shifts in their borrowing and investment portfolios constrain financing for euro area firms and affect the transmission of monetary policy.Dorian HenricotCaterina MendicinoLuis Molestina VivarWouter WakkerJakob Wenzl
EnglishJEL CodeE20 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→GeneralE50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General6 May 2026Why apps matter: digital banks pass on monetary policy differentlyDigitalisation is reshaping how banks pass on monetary policy. Compared with their branch‑based peers, digital banks are faster at adjusting deposit pricing for policy changes, but slower at updating their loan pricing.Katarzyna Budnik
EnglishJEL CodeE50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→GeneralG20 : Financial Economics→Financial Institutions and Services→General21 April 2026Navigating uncertain times with the help of artificial intelligence Artificial intelligence (AI) can help track inflation risks in real time. A new ECB model based on machine learning informs experts how likely it is that inflation will be much higher or much lower than they expect. Óscar ArceKarin KlieberMichele LenzaJoan Paredes
EnglishJEL CodeE31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, DeflationE37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications13 April 2026Why monetary policy hits harder after big shocksDuring the latest tightening episode, interest rate hikes were especially effective. This ECB Blog finds a strong policy transmission to inflation during 2022 and 2023, a forceful response to supply-driven shocks and a low “sacrifice ratio”.Alina BobasuMatteo CiccarelliAlex GrimaudMartin MandlerAndrejs Zlobins
EnglishJEL CodeE50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→GeneralE31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation

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Publications

28 May 2026WORKING PAPER SERIES - No. 3240Firm level heterogeneity and the impact of monetary policy on labour demandGert BijnensJohn HutchinsonArthur Saint Guilhem
EnglishAbstractMonetary policy asymmetrically affects the response of firms’ employment to an output shock and plays a role in cushioning employment adjustment over the business cycle. Combining annual firm-level data until 2020 with quarterly firm-level data until 2023 and high-frequency monetary policy surprises, we show that for a given change in output, monetary policy influences the extent to which firms hold on to labour, or “labour hoard”. Furthermore, this effect is asymmetric: a restrictive monetary policy reduces labour hoarding behaviour by 2 to 3 times more than an accommodative policy increases it. Finally, we look at the role of financing conditions and firm demographics.JEL CodeE52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary PolicyJ23 : Labor and Demographic Economics→Demand and Supply of Labor→Labor DemandE32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, CyclesNetworkChallenges for Monetary Policy Transmission in a Changing World Network (ChaMP)27 May 2026WORKING PAPER SERIES - No. 3239Stockholding in Europe: Evidence from the Consumer Expectations SurveyDimitris ChristelisDimitris GeorgarakosTullio JappelliGeoff KennyJustus Meyer
EnglishAbstractWe examine recent changes in stock market participation using newly available survey data from eleven euro area countries over the period 2020–2024. The evidence points to substantial turnover, with around 10% of non-stockholders entering the market each year, and more than 20% of stockholders exiting. New entrants tend to have lower education, income, financial literacy, and risk tolerance than established investors, indicating a shift in the composition of market participants. We also highlight the growing importance of cryptocurrency investments among retail investors. Overall, these findings shed new light on evolving household financial behavior and its implications for market participation and financial stability.JEL CodeD14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal FinanceE21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, WealthG51 : Financial Economics27 May 2026WORKING PAPER SERIES - No. 3238Identifying relationship-level effects using covariance restrictionsOlivier De JongheDaniel Lewis
EnglishAbstractWe propose a new model in which relationship-specific effects or shocks are identified in a bipartite network under mild covariance restrictions, generalizing the influential Abowd et al. (1999) framework. For example, separate demand shocks are identified for each bank from which a firm borrows. We show how previous approaches break down when confronted with such heterogeneity, while our novel identification strategy yields a simple estimator that is consistent and asymptotically normal, under weaker network density assumptions than previous approaches. The methodology performs well in empirically-calibrated simulations. We apply our approach to identify relationship-level credit demand and supply shocks for thousands of firms and banks across nine Euro-area countries and three distinct economic episodes. We formally reject the Abowd et al. (1999) assumptions in nearly every country-period and show that within-firm/bank shock variation is of comparable scale to between firm/bank variation. We document considerable bias in Abowd et al. (1999) style estimates and associated regressions, while finding significant deleterious effects of the post-2022 monetary contraction on exposed firms. We highlight novel heterogeneity in the transmission of monetary policy.JEL CodeC33 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Panel Data Models, Spatio-temporal ModelsC58 : Mathematical and Quantitative Methods→Econometric Modeling→Financial EconometricsE44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the MacroeconomyG21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, MortgagesG30 : Financial Economics→Corporate Finance and Governance→GeneralNetworkChallenges for Monetary Policy Transmission in a Changing World Network (ChaMP)27 May 2026FINANCIAL STABILITY REVIEWFinancial Stability Review, May 2026
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English27 May 2026FINANCIAL STABILITY REVIEWStatistical data
English27 May 2026PRESS RELEASEFinancial stability vulnerabilities remain elevated as geoeconomic shock unfolds
English27 May 2026FINANCIAL STABILITY REVIEW - BOXAssessing the macroprudential impact of liquidity management tools for investment funds: a system-wide analysisAntoine BaenaMatthias SydowGarbrand WiersemaFinancial Stability Review Issue 1, 2026
EnglishAbstractLiquidity mismatches in open-ended funds can generate systemic risk when redemption pressures meet illiquid markets, potentially triggering fire-sale spirals and spillovers to banks and other financial institutions. This box uses a system-wide agent-based model of the European financial system to assess the macroprudential impact of liquidity management tools in open-ended investment funds. The analysis evaluates two types of tool applied to second-round redemptions under the adverse scenario of the 2025 EU-wide stress test: redemption gates, which limit withdrawals, and anti-dilution levies, which pass liquidation costs on to redeeming investors. The results suggest that appropriately calibrated redemption gates can redistribute liquidity pressure away from more fragile and less liquid funds towards more resilient funds, thereby reducing the risk of destabilising fire sales while only marginally restricting aggregate liquidity. Anti-dilution levies g

[H1] Digital euro

[H3] ON THIS PAGE

Need to know

Timeline

FAQs

Publications

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Podcast

The digital euro would be a digital form of cash, issued by the central bank and available to everyone in the euro area.

We are working with the national central banks of the euro area to look into the possible issuance of the digital euro. It would be a central bank digital currency, an electronic equivalent to cash. And it would complement banknotes and coins, giving people an additional choice about how to pay.

[H2] Progress on the digital euro

In October 2025, the ECB’s Governing Council decided that the Eurosystem will move to the next phase of the digital euro project.
Latest news on the digital euro project

[H3] Imagine the digital euro
Central bank money in digital form, available for electronic payments in shops, online or from person to person.  Explore how it could work.

[H2] What you need to know

The digital euro would be an electronic means of payment available free of charge for anyone to use. Like cash today, you could use it anywhere in the euro area, and it would be secure and private. In our increasingly digitalised society, the digital euro would be the next step forward for our single currency.

What would it be?

Currently, there is no European digital payment option that covers the entire euro area, with 13 out of 20 countries reliant on international card schemes for card payments. The digital euro would be a European electronic means of payment accessible and accepted in all euro area countries.

Why do we need it?

The digital euro would be stored in an account set up with your bank or with a public intermediary. You could pay in digital euro either online or offline, with your phone or a card. This means you could pay in a shop or on a website, or send money to friends, anytime, and anywhere.

How would it work?

We aim to be ready for a potential first issuance of the digital euro during 2029, assuming the necessary EU legislation is adopted in the course of 2026.
Explore the project

[H3] Join the digital euro project!

We are looking for new colleagues to build the digital euro, focusing on technical readiness, market engagement, and supporting the legislative process.

Learn more about the positions and apply

[H2] Frequently Asked Questions

How would the digital euro help me? How would the digital euro be different from stablecoins and crypto-assets? Would the digital euro guarantee user privacy? Would the digital euro replace cash? Check out the answers to common questions here.
Read the FAQs

[H3] The digital euro in relation to...

[H3] ... privacy
The digital euro would offer people and businesses in the euro area a payment solution with the highest privacy standards. The ECB and the Eurosystem would not be able to identify who you are or what you are buying from the payment data we get.
Digital euro payments: would my data be safe?

[H3] … crypto-assets
Crypto-assets are not backed or managed by any central institution. There is no guarantee that you can exchange them for cash when you need to. As the digital euro would be backed by a central bank, it would not be a crypto-asset. Central banks have a mandate to maintain the value of money, whether it is physical or digital.
What's the difference?

[H3] … banks’ investment costs
Implementing the digital euro would cost banks an estimated €4 billion to €5.8 billion. This is significantly lower than previous industry estimates, as it reflects the potential for banks to share infrastructure and leverage synergies.
Read the full analysis on digital euro investment costs for the euro area banking sector

[H3] … financial stability
The digital euro is being designed for everyday use. An ECB analysis shows that the use of the digital euro for day-to-day payments would not harm financial stability – even under a highly unlikely and extreme crisis scenario worse than any real crisis during the first 25 years of the euro.
Read the technical analysis on the financial stability impact of the digital euro

[H3] …private solutions
The digital euro is intended to complement cash and existing private sector solutions. By engaging with market stakeholders (payment service providers, merchants and consumers), we’re ensuring it will fit smoothly into the existing payments ecosystem and work well with what’s already in place.
Read the Fit of the digital euro in the payment ecosystem report

[H3] The ECB Podcast

[H3] Like cash, but digital: the facts behind the digital euro
What is the digital euro, and how would it work? Don’t we already pay digitally? We separate fact from fiction as Stefania Secola teams up with Aidas Palubinskas from EU Finance Podcast to speak to Executive Board member Piero Cipollone about modernising our money.
Listen to this podcast episode

[H3] The digital euro, demystified
We are preparing for the possibility of issuing the digital euro. This is fuelling a lot of interest − and misconceptions – despite the fact that no decision has yet been taken. Our host Stefania Secola and digital euro project head Evelien Witlox debunk some myths.
Listen to this podcast episode

[H3] The digital euro: what, why, when? (parts 1 and 2)
Do we need the digital euro, and why? What might it look like? And how would it differ from other means of payment? Our host Katie Ranger puts these questions to digital euro expert Evelien Witlox.
Listen to these podcast episodes

[H2] Dive deeper

In-depth information on the digital euro project

Extensive cooperation with a broad range of stakeholders, including market participants, legislators, public authorities and European citizens, will ensure that the digital euro meets users’ needs.

Stakeholder engagement

The digital euro project is supported by extensive documentation and detailed analyses of the work taking place, and the insights which have informed it. Use our dedicated documents and research page to read up on topics that interest you.

Dive deeper

[H3] Ensuring transparency and accountability
We are committed to maintaining transparency and accountability in the digital euro project. We support the legislative process by providing technical input. ECB Executive Board member Piero Cipollone also regularly updates the European Parliament’s Committee on Economic and Monetary Affairs.
Read the updates on the digital euro project

[H3] LATEST PUBLICATIONS ON THE DIGITAL EURO
FIND THEM HERE

28 May 2026
Money in the digital age
1 April 2026
The digital euro in a fragmenting world: ensuring Europe’s resilience and autonomy in payments
31 March 2026
Eurosystem sets out comprehensive strategy for future of European payments
27 March 2026
Digital euro: an opportunity for banks
26 March 2026
Navigating turbulence: challenges for Europe and the path ahead

VIEW ALL PUBLICATIONS ON THE DIGITAL EURO

[H2] Beware of fraud

We are aware of emails and fake websites soliciting people to invest in the digital euro. This is a scam. We never ask people for investments, money or personal information. If you think you have fallen victim to fraud, contact your local police.
More information on scams

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