European Central Bank Press Release Link: Press Release: Climate change indicators (November 2025)Data: Climate change-related indicators

Published as part of the Macroprudential Bulletin 32Prepared by Alberto Grassi, Michael Kosiahn, Chiara Lelli, María Losa Martín, Michael Moers, Matthias Sydow, Michael Vincent and Garbrand Wiersema “This article expands on the 2025 EU-wide stress test by incorporating a system-wide perspective to capture contagion risks across investment funds and insurance corporations alongside the banking sector.[…]

FSI Brief by Claudio Borio, Rodrigo Coelho, Fernando Restoy and Nikola Tarashev Link: FSI Brief |  No 28: Revisiting the regulatory capital stack

by the European Central Bank The Financial Stability Review provides an overview of potential risks to financial stability in the euro area. It aims to promote awareness in the financial industry and among the public of euro area financial stability issues. It is published twice a year, with the next release set for 27 May[…]

Finance and Economics Discussion Series (FEDS)by Lucia Gurrieri, Chase Ross, Ben Schmiedt, Alexandros P. Vardoulakis, and Vladimir Yankov We examine whether access to the Federal Reserve’s Overnight Reverse Repo Facility (ON RRP) affects money market fund flows during flight-to-safety episodes. We find that funds with ON RRP access serving sophisticated investors experience about a 1[…]

SUERF Policy Briefby Christoph Basten & Ragnar Juelsrud Changes in monetary policy rates are passed through to deposit rates incompletely, reducing the attractiveness to bank clients of deposits relative to assets with higher pass-through after policy rate hikes. This reduces deposit growth and, with deposits as primary refinancing, loan growth following monetary tightening, which supports[…]

SUERF Policy Briefby Federica Ciocchetta, Raffaele Gallo, Silvia Magri & Massimo Molinari This policy brief analyzes whether the deposits of “high digital” banks, i.e. those whose customers mainly use online money transfers, are more sensitive to changes in interest rates following the monetary tightening in 2022. We show that there are no significant differences between[…]

CEPR Press Book edited by Dirk Niepelt Digital innovation is transforming money and redrawing the global financial landscape. From instant payments to stablecoins, CBDC, and tokenised assets, new technologies are redefining how value is created, stored, and exchanged – reshaping the roles of banks, central banks, and markets. Yet this transformation is far from uniform:[…]

VoxEU Column by Fernando Cirelli, Arna Olafsson The sharp rise in interest rates since 2021 has not been matched by equal increases in household savings rates in advanced economies. This column uses transaction-level data from Iceland to study how changes in interest rates affect household deposit holdings. It shows that for the average household, low-yield[…]

European Systemic Risk Board Press Release The European Systemic Risk Board (ESRB) has published a report on three issues central to the crypto-asset ecosystem: stablecoins, crypto-asset investment products and multi-function groups. In particular, the report emphasises the risks stemming from stablecoins issued jointly by EU and non-EU entities. Link: ESRB Press Release