Claudia Marchini and Alexander Popov demonstrate that over the last 25 years the EU’s trading partners have become less and less democratic, and they investigate the background of this development and the dynamics at play.

The original post was published on 8 July 2025.
https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog...

Subscribe to be notified of future posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

Release date:
8 July 2025

Trading with dictators? A historical review of the EU’s business partners

Pedro Baptista, Maarten Dossche, Andrew Hannon, Dorian Henricot, Omiros Kouvavas, Davide Malacrino and Larissa Zimmermann investigate the monetary policy transmission from mortgage rates to consumption. They show that the resulting drag on consumption could last at least until 2030.


The original post was published on 28 May 2025.
https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250528~bd3c3b750a.en.html

Subscribe to be notified of future posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

Release date:
28 May 2025

Monetary policy transmission: from mortgage rates to consumption

Memories of hyperinflation live on in public debates on money. In the case of Germany, the trauma of 1923 is widely seen as the source of the country’s preference for fiscal discipline and stability-oriented central banking. David Barkhausen sheds new light on the collective memory and its genesis.

The original post was published on 20 June 2025.
www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250620~13431554af.en.html

Subscribe to be notified of future posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

Hyperinflation: trauma and its reconstruction

July 2025 began with yet another heatwave across Europe. ECB research finds such events can substantially reduce economic activity in affected regions and increase food prices. With global warming, future heatwaves are likely to have more pronounced economic effects. Miles Parker has a closer look.

The original post was published on 13 July 2025.
https://ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250713~631b265757.en.html

Subscribe to be notified of future posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

Has the heatwave been driving you nuts?

Jürgen Schaaf explains how stablecoins are reshaping global finance, with the US dollar at the helm. He suggests that without a strategic response, European monetary sovereignty and financial stability could erode. However, he argues that in this disruption there is also an opportunity for the euro to emerge stronger.

The original post was published on 28 July 2025.
www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250728~e6cb3cf8b5.en.html

Subscribe to be notified of future posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

Release date:
28 July 2025

From hype to hazard: what stablecoins mean for Europe

Lukas Boeckelmann, Lorenz Emter, Vanessa Gunnella, Karin Klieber and Tajda Spital argue that with trade tensions between China and the United States reaching new heights , Chinese exports may be redirected to the euro area. In a severe scenario, this additional supply and the accompanying lower import prices could bring down euro area inflation by as much as 0.15 percentage points.

The original post was published on 30 July 2025.
www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250730~833a22650e.en.html

Subscribe to be notified of future posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

Release date:
30 July 2025

China-US trade tensions could bring more Chinese exports and lower prices to Europe

This post by Niccolò Battistini and Johannes Gareis explores the ripple effects of the ECB’s recent monetary policy on housing affordability, housing sales and households’ home goods consumption.

The original post was published on 31 July 2025.
www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250731...

Subscribe to be notified of future posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

Release date:
31 July 2025

The ripple effects of monetary policy on housing and consumption

Pablo Anaya Longaric, Katharina Cera, Georgios Georgiadis and Christoph Kaufmann examine how investment funds adjust their holdings of euro area sovereign debt in comparison with other domestic and international investor groups, including banks, insurance companies and households in times of stress in euro area sovereign bond markets.

The original post was published on 12 August 2025.
https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250814~86d5171bf2.en.html

Subscribe to be notified of future posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

Release date:
12 August 2025

Who are the “bond vigilantes” on sovereign debt markets?

A field experiment indicates that direct communication with ECB visitors better anchors their inflation expectations. As Alexander Jung, Francesco Paolo Mongelli and Christian Scherf show, visitors with little knowledge of monetary policy are particularly likely to align their expectations with the ECB’s inflation target after speaking to central bankers.

The original post was published on 16 September 2025.
www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250916~23a41f157c.en.html

Subscribe to be notified of future posts on The ECB Blog.
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

ECB visitors – can direct communication alter inflation expectations?

Good statistics are accurate, timely, consistent and comparable. Only then can they be the unbiased reality check needed for responsible decision-making. Claudia Mann looks back at past mistakes and what Europe has learned from them.

The original post was published on 26 September 2025.
www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250926~e348e2b4b9.en.html


Subscribe to be notified of future posts on The ECB Blog.
www.ecb.europa.eu/press/blog/html/register.en.html

Check out other posts on The ECB Blog
www.ecb.europa.eu/press/blog/html/index.en.html

European Central Bank
www.ecb.europa.eu

Don’t blame the herald: statistical independence is indispensable

The ECB Blog offers new insights on the economy and central bank policies based on our data, analysis and research - for the euro area and beyond. For the full texts of our posts, including visuals, please visit our website.

Posts are authored by ECB staff and the audio versions are machine generated. The views expressed are those of the posts' authors and not necessarily those of the European Central Bank and the Eurosystem.

Hyperinflation: trauma and its reconstruction

The ECB Blog

Related tracks