Respondents to the ECB Survey of Professional Forecasters (SPF) for the first quarter of 2019 reported point forecasts for annual HICP inflation averaging 1.5%, 1.6% and 1.7% for 2019, 2020 and 2021, respectively. These results represent downward revisions of 0.2 percentage point (p.p.) for 2019 ...more »

I tassi IBOR svolgono un ruolo fondamentale nei mercati finanziari: in particolare il LIBOR è il tasso di interesse predominante per i contratti (ad esempio interest rate swap, mutui, obbligazioni a tasso variabile) nelle valute USD, GBP, CHF e JPY, mentre ...more »

There is growing evidence that international financial spillovers have become a two-way street. They occur not only from the major advanced economies to the rest of the world, but also, and increasingly, from a group of large middle-income countries to advanced economies. ...more »

Il Rapporto di Stabilità Finanziaria pubblicato da Banca d’Italia (BDI) a fine 2018 contiene alcuni dati interessanti: Credito bancario. Secondo le previsioni, il credito bancario rimarrà debole nel biennio 2019-2020, il rapporto ...more »

The European Central Bank (ECB) issued a working paper that discusses the implications for optimal monetary policy when rates are at (or close) to their effective lower bounds. In these cases, central banks often turn to communication about the future path of policy ...more »

Sulla base dell’analisi degli indicatori di riferimento la Banca d’Italia ha deciso di mantenere il coefficiente della riserva di capitale anticiclica allo zero per cento per il primo trimestre del 2019. In particolare: nel terzo trimestre del 2018 lo scostamento dal trend ...more »

Growth in economic activity has moderated significantly in the euro area since the end of 2017. Indeed, quarter-on-quarter GDP growth in the euro area fell to 0.2% in the third quarter of 2018, down from 0.7% in the fourth quarter of 2017. This box assesses the factors which are contributing to that slowdown ...more »

Today, the Central Bank of Armenia hosted the eighth meeting of the Financial Stability Board (FSB) Regional Consultative Group for the Commonwealth of Independent States (RCG for the CIS) in Yerevan. Members of the RCG for the CIS were informed of the main outcomes of the FSB and G20’s work in 2018 and policy ...more »

The Financial Stability Board (FSB) issues its fifth annual report, that provides an update on the key activities of the FSB and its audited annual financial statements for the 12-month period ended 31 March 2018. The report provides an update on the FSB’s work as it pivoted from a primary focus on new policy development ...more »