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A new research paper from the ECB explores the drivers of long-term inflation expectations among consumers and professional forecasters. The study finds that central bank credibility plays a crucial role in keeping these expectations anchored.

Luis de Guindos presented the key findings of the Financial Stability Review to the European Parliament's Committee on Economic and Monetary Affairs. He stressed the importance of strengthening macroprudential frameworks in the current environment.

Executive Board member Fabio Panetta provided an update on the digital euro, confirming that the project has now officially entered its preparation phase. This stage will involve finalizing the rulebook and selecting providers to develop the platform.

The accounts of the last Governing Council meeting revealed that while the decision to hold rates was unanimous, some members argued for keeping the option of a further hike explicitly open. The debate highlighted a focus on underlying inflation risks.

Latvian central bank governor Martins Kazaks highlighted persistent services inflation as a key challenge for the ECB. He stated that until there is clear evidence of a moderation in wage growth, it is too early to consider monetary policy easing.

The ECB's Supervisory Board met to discuss the banking sector's resilience to increasing cyber threats. A statement noted that while progress has been made, continuous investment and vigilance are required from financial institutions.

Speaking at an event in Paris, François Villeroy de Galhau argued that a deeper Capital Markets Union is essential for financing the green transition. He urged European policymakers to accelerate their efforts to integrate the region's capital markets.

The ECB's bi-annual Financial Stability Review was published today, highlighting growing risks in the commercial real estate market. The report also notes the resilience of the banking sector but warns of potential vulnerabilities among non-bank financial institutions.

In a weekend newspaper interview, Executive Board member Isabel Schnabel cautioned that markets may have reacted too strongly to a single data point from the U.S. She reiterated that the ECB's policy is set based on the euro area outlook, not U.S. data.

A new post on The ECB Blog examines the recent slowdown in global trade and its impact on the euro area's export-oriented economy. The analysis suggests that structural shifts, not just cyclical factors, are at play.