Search

Title: The housing supply channel of monetary policy

This paper studies the role of housing supply constraints in explaining regional differences in the transmission of monetary policy to housing markets, economic activity, and the financial sector.

The European Stability Mechanism (ESM) will launch 3-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 1.1 billion is envisaged.

Time schedule of the auction procedure: 
Date of invitation to bid: Monday, 5 February 2024 
Bidding period: Tuesday, 6 February 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 8 February 2024

[Translated from Dutch]

Today, EFSF, the European Financial Stability Facility, rated Aaa (Moody’s) / AA- (Fitch) / AA (S&P), has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction, subject to market conditions.

The COVID 19 pandemic and the energy crisis have left their marks in Europe and especially in Germany, given its high share of energy-intensive industries. However, the projection of Germany’s potential output points to clear obstacles to growth in the coming decades, irrespective of the current economic weakness.

Alexandre Lauwers is an Economist in the Economic and Market Analysis division at the European Stability Mechanism since 2023. 

The recent increase in interest rates has changed the landscape of euro area government debt. While governments must pay higher borrowing rates to finance their deficits, higher bond yields attract investors. Looking at the origin of the new demand for government debt, we ask if this will endure and what the implications of higher borrowing costs are for sovereigns.

Die Rolle der Europäer in der Welt von morgen zu sichern, verlangt Mut und Vision, meint Rolf Strauch. Ein vertiefter, einheitlicher Binnenmarkt und gemeinsame Projekte für nachhaltiges Wachstum würden Europa auch politisch stärken.