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Economic Bulletin


Economic Bulletin
Summary
While the recovery in global demand and the sizeable fiscal stimulus are supporting global and euro area activity, the near-term economic outlook remains clouded by uncertainty about the resurgence of the pandemic and the roll-out of vaccination campaigns. Persistently high rates of coronavirus (COVID-19) infection and the associated extension and tightening of containment measures continue to constrain economic activity in the short term. Looking ahead, progress with vaccination campaigns and the envisaged gradual relaxation of containment measures reinforce the expectation of a firm rebound in economic activity in the course of 2021. Inflation has picked up over recent months on account of some idiosyncratic and temporary factors and an increase in energy price inflation. At the same time, underlying price pressures remain subdued in the context of significant economic slack and still weak demand. ....

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Euro money market study 2020


Euro money market study 2020
04/29/2021 | 04:13am EDT
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Overview
The 2020 Euro money market study is a comprehensive analysis of the functioning of euro money markets. The study covers five segments of the euro money markets: (i) secured transactions - repos and reverse repos; (ii) unsecured transactions; (iii) the issuance of short-term securities (STS); (iv) foreign exchange (FX) swaps and (v) overnight index swaps (OIS). The study describes developments in these segments between January 2019 and December 2020.
The study relies predominantly on granular data collected through the Eurosystem s money market statistical reporting (MMSR) dataset. MMSR data have been collected since 1 July 2016 and contain details on volume, pricing, maturity and counterparty for each transaction of less than one year executed by the 48 largest euro area banks. Actual daily transactions are reported to the European Central Bank (ECB) on the subse ....

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