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The effects of energy shocks on inflation vary surprisingly widely over time

In the euro area, movements in energy prices have at different points in time had different effects on core inflation. These effects emerge with a lag, because it takes time for energy prices to pass through to other prices. Inflation expectations in the euro area are currently stable. This moderates the impact of energy shocks on core inflation.

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Developments in digital finance will reshape monetary policy implementation and central bank services

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Structural operations will meet part of the banking system’s liquidity needs in the future

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Interest rate steering as liquidity declines

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Euro area economy improving even amid crises

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Better now to keep interest rates unchanged

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

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Will higher defence spending boost euro area growth?

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Variable rate corporate loans strengthen transmission of monetary policy

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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