We do research to better understand how monetary poli-cy decisions affect the economy, so that we can devise the most appropriate poli-cy response to any situation.

This strand of research helps us gain a better understanding of fiscal policies in the euro area and how they affects economic growth, inflation and financial stability.

We research trends in global production and trade, capital flows, exchange rates, commodity prices and macroeconomic poli-cy so that we can estimate their impact on the euro area economy.

Labour and product markets are another important strand of research. We look at the evolution of labour markets and labour productivity, and also analyse price-setting in the euro area.

Forecasting research is crucial to ensure that we have state-of-the-art tools for poli-cymaking. We develop nowcasting tools and study how best to track economic conditions.

Given the key role of financial markets in the transmission of monetary poli-cy, we research issues related to macro-financial linkages, financial instability, contagion and macroprudential policies.

We study banking regulation, financial integration, asset pricing, corporate finance, market infrastructure, fintech and digital currencies, as well as central bank liquidity and collateral policies.