Historically, only very large firms issued in the European corporate bond market. However, recent years have seen the entry of many new players: small, private, and unrated issuers. This column uses firm-level data to show these new players face different game dynamics. They are disconnected from aggregate market movements and still depend heavily on banks. A better
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
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Maximising the user value of statistics: lessons from globalisation and the pandemic
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the European Statistical Forum (virtual)
26 April 2021
Economic and financial statistics play a central role in guiding monetary policy decisions: central banks constitute an important user group for the output of statistical agencies, while also helping to collect the data underpinning many macro-financial statistical series. Events such as the European Statistical Forum provide a welcome opportunity to bring together the producers and users of statistics.
In my remarks today, I will discuss two main topics: the first topic is the globalisation-related measurement challenges for macroeconomic statistics, with a focus on external and national accounts; the second topic is the data needs exposed by the pandemic crisis.
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