{"idNavigationItem":"1","name":"einter","pathPart":"","fullPath":"","children":[{"idNavigationItem":"13","name":"Monetary policy & markets","fullPath":"/mopo","pathPart":"mopo","children":[{"idNavigationItem":"866","name":"Introduction","fullPath":"/mopo/intro","pathPart":"intro","children":[{"idNavigationItem":"868","name":"Benefits of price stability","fullPath":"/mopo/intro/benefits","pathPart":"benefits","children":[]},{"idNavigationItem":"869","name":"Scope of monetary policy","fullPath":"/mopo/intro/role","pathPart":"role","children":[]},{"idNavigationItem":"871","name":"Transmission mechanism","fullPath":"/mopo/intro/transmission","pathPart":"transmission","children":[]}]},{"idNavigationItem":"888","name":"Decisions, statements & accounts","fullPath":"/mopo/decisions","pathPart":"decisions","children":[]},{"idNavigationItem":"882","name":"Monetary policy strategy","fullPath":"/mopo/strategy","pathPart":"strategy","children":[{"idNavigationItem":"3072","name":"Strategy review","fullPath":"/mopo/strategy/strategy-review","pathPart":"strategy-review","children":[]},{"idNavigationItem":"3071","name":"Medium-term orientation","fullPath":"/mopo/strategy/medium-term-orientation","pathPart":"medium-term-orientation","children":[]},{"idNavigationItem":"883","name":"Two per cent inflation target","fullPath":"/mopo/strategy/pricestab","pathPart":"pricestab","children":[]}]},{"idNavigationItem":"889","name":"Economic, monetary and financial analysis","fullPath":"/mopo/devel","pathPart":"devel","children":[{"idNavigationItem":"885","name":"Economic analysis","fullPath":"/mopo/devel/ecana","pathPart":"ecana","children":[]},{"idNavigationItem":"886","name":"Monetary and financial analysis","fullPath":"/mopo/devel/monan","pathPart":"monan","children":[]}]},{"idNavigationItem":"892","name":"Monetary policy operations","fullPath":"/mopo/implement","pathPart":"implement","children":[{"idNavigationItem":"893","name":"Open market operations","fullPath":"/mopo/implement/omo","pathPart":"omo","children":[{"idNavigationItem":"894","name":"TLTROs","fullPath":"/mopo/implement/omo/tltro","pathPart":"tltro","children":[]}]},{"idNavigationItem":"898","name":"Asset purchase programmes","fullPath":"/mopo/implement/app","pathPart":"app","children":[{"idNavigationItem":"899","name":"Securities lending","fullPath":"/mopo/implement/app/lending","pathPart":"lending","children":[]}]},{"idNavigationItem":"900","name":"Pandemic emergency purchase programme","fullPath":"/mopo/implement/pepp","pathPart":"pepp","children":[]},{"idNavigationItem":"896","name":"Standing facilities","fullPath":"/mopo/implement/sf","pathPart":"sf","children":[]},{"idNavigationItem":"897","name":"Minimum reserves","fullPath":"/mopo/implement/mr","pathPart":"mr","children":[{"idNavigationItem":"938","name":"Two-tier system","fullPath":"/mopo/implement/mr/two-tier","pathPart":"two-tier","children":[]}]}]},{"idNavigationItem":"3074","name":"Euro central bank liquidity lines","fullPath":"/mopo/liquidity-lines","pathPart":"liquidity-lines","children":[{"idNavigationItem":"1784","name":"Swap lines","fullPath":"/mopo/liquidity-lines/swap-lines","pathPart":"swap-lines","children":[]},{"idNavigationItem":"3196","name":"EUREP","fullPath":"/mopo/liquidity-lines/eurep","pathPart":"eurep","children":[]},{"idNavigationItem":"3197","name":"Chronology of Eurosystem liquidity lines","fullPath":"/mopo/liquidity-lines/chronology","pathPart":"chronology","children":[]}]},{"idNavigationItem":"939","name":"Emergency liquidity assistance (ELA)","fullPath":"/mopo/ela","pathPart":"ela","children":[]},{"idNavigationItem":"890","name":"Liquidity analysis","fullPath":"/mopo/liq","pathPart":"liq","children":[]},{"idNavigationItem":"1150","name":"Collateral","fullPath":"/mopo/coll","pathPart":"coll","children":[{"idNavigationItem":"1151","name":"Eligibility criteria and assessment","fullPath":"/mopo/coll/standards","pathPart":"standards","children":[{"idNavigationItem":"1152","name":"Marketable assets","fullPath":"/mopo/coll/standards/marketable","pathPart":"marketable","children":[]},{"idNavigationItem":"1154","name":"Non-marketable assets","fullPath":"/mopo/coll/standards/nonmarketable","pathPart":"nonmarketable","children":[]}]},{"idNavigationItem":"1155","name":"List of eligible marketable assets","fullPath":"/mopo/coll/assets","pathPart":"assets","children":[{"idNavigationItem":"1158","name":"User guide","fullPath":"/mopo/coll/assets/guide","pathPart":"guide","children":[]}]},{"idNavigationItem":"1159","name":"Collateral management","fullPath":"/mopo/coll/coll","pathPart":"coll","children":[{"idNavigationItem":"1162","name":"Eligible SSSs","fullPath":"/mopo/coll/coll/eligiblesss","pathPart":"eligiblesss","children":[]},{"idNavigationItem":"1163","name":"Eligible links","fullPath":"/mopo/coll/coll/ssslinks","pathPart":"ssslinks","children":[]},{"idNavigationItem":"1165","name":"Eligible triparty agents","fullPath":"/mopo/coll/coll/triparty","pathPart":"triparty","children":[]}]},{"idNavigationItem":"1175","name":"Risk mitigation","fullPath":"/mopo/coll/risk","pathPart":"risk","children":[{"idNavigationItem":"1176","name":"ECAF","fullPath":"/mopo/coll/risk/ecaf","pathPart":"ecaf","children":[]},{"idNavigationItem":"1177","name":"Risk control","fullPath":"/mopo/coll/risk/riskcontrol","pathPart":"riskcontrol","children":[]},{"idNavigationItem":"1178","name":"Haircut categories","fullPath":"/mopo/coll/risk/liquidity","pathPart":"liquidity","children":[]},{"idNavigationItem":"1179","name":"Valuation","fullPath":"/mopo/coll/risk/valuation","pathPart":"valuation","children":[]}]},{"idNavigationItem":"1180","name":"Loan-level requirements","fullPath":"/mopo/coll/loanlevel","pathPart":"loanlevel","children":[]},{"idNavigationItem":"1188","name":"Contacts","fullPath":"/mopo/coll/contacts","pathPart":"contacts","children":[]}]},{"idNavigationItem":"872","name":"Structure of the euro area economy","fullPath":"/mopo/eaec","pathPart":"eaec","children":[{"idNavigationItem":"873","name":"Economic policy","fullPath":"/mopo/eaec/ecopolicy","pathPart":"ecopolicy","children":[]},{"idNavigationItem":"874","name":"Fiscal policies","fullPath":"/mopo/eaec/fiscal","pathPart":"fiscal","children":[]},{"idNavigationItem":"875","name":"External trade","fullPath":"/mopo/eaec/trade","pathPart":"trade","children":[]},{"idNavigationItem":"876","name":"Effective exchange rates","fullPath":"/mopo/eaec/eer","pathPart":"eer","children":[]},{"idNavigationItem":"877","name":"Financial structure","fullPath":"/mopo/eaec/structure","pathPart":"structure","children":[]},{"idNavigationItem":"878","name":"Financial markets","fullPath":"/mopo/eaec/markets","pathPart":"markets","children":[]},{"idNavigationItem":"879","name":"Financial intermediaries","fullPath":"/mopo/eaec/intermediaries","pathPart":"intermediaries","children":[]},{"idNavigationItem":"880","name":"Economic diversity","fullPath":"/mopo/eaec/diversity","pathPart":"diversity","children":[]},{"idNavigationItem":"881","name":"Labour market","fullPath":"/mopo/eaec/labour","pathPart":"labour","children":[]}]},{"idNavigationItem":"3073","name":"Market contact groups","fullPath":"/mopo/market-contact-groups","pathPart":"market-contact-groups","children":[{"idNavigationItem":"1257","name":"Bond market (BMCG)","fullPath":"/mopo/market-contact-groups/bmcg","pathPart":"bmcg","children":[]},{"idNavigationItem":"1266","name":"Money market (MMCG)","fullPath":"/mopo/market-contact-groups/mmcg","pathPart":"mmcg","children":[]},{"idNavigationItem":"1258","name":"Debt Issuance Market Contact Group (DIMCG)","fullPath":"/mopo/market-contact-groups/dimcg","pathPart":"dimcg","children":[]},{"idNavigationItem":"1261","name":"ECB Operations managers group (ECB OMG)","fullPath":"/mopo/market-contact-groups/omg","pathPart":"omg","children":[]},{"idNavigationItem":"1264","name":"Foreign exchange (FXCG)","fullPath":"/mopo/market-contact-groups/fxcg","pathPart":"fxcg","children":[]},{"idNavigationItem":"1265","name":"Institutional Investor Dialogue (IID)","fullPath":"/mopo/market-contact-groups/iid","pathPart":"iid","children":[]},{"idNavigationItem":"3162","name":"Monetary Analysis Contact Group (MACG)","fullPath":"/mopo/market-contact-groups/macg","pathPart":"macg","children":[]}]}]},{"idNavigationItem":"15","name":"Payments & financial stability","fullPath":"/paym","pathPart":"paym","children":[{"idNavigationItem":"3075","name":"Payments","fullPath":"/paym/##","pathPart":"##","children":[]},{"idNavigationItem":"1049","name":"TARGET Services","fullPath":"/paym/target","pathPart":"target","children":[{"idNavigationItem":"2329","name":"Shared features","fullPath":"/paym/target/coco","pathPart":"coco","children":[]},{"idNavigationItem":"2889","name":"T2","fullPath":"/paym/target/t2","pathPart":"t2","children":[{"idNavigationItem":"3116","name":"Facts and figures","fullPath":"/paym/target/t2/facts","pathPart":"facts","children":[]},{"idNavigationItem":"2890","name":"Governance","fullPath":"/paym/target/t2/governance","pathPart":"governance","children":[]}]},{"idNavigationItem":"1054","name":"T2S","fullPath":"/paym/target/t2s","pathPart":"t2s","children":[{"idNavigationItem":"1055","name":"Governance","fullPath":"/paym/target/t2s/governance","pathPart":"governance","children":[]},{"idNavigationItem":"1056","name":"Facts and figures","fullPath":"/paym/target/t2s/facts","pathPart":"facts","children":[]},{"idNavigationItem":"1057","name":"Pricing","fullPath":"/paym/target/t2s/pricing","pathPart":"pricing","children":[]}]},{"idNavigationItem":"1059","name":"TIPS","fullPath":"/paym/target/tips","pathPart":"tips","children":[{"idNavigationItem":"3158","name":"Cross-border payments","fullPath":"/paym/target/tips/crossborder","pathPart":"crossborder","children":[]},{"idNavigationItem":"1060","name":"Governance","fullPath":"/paym/target/tips/governance","pathPart":"governance","children":[]},{"idNavigationItem":"1061","name":"Facts and figures","fullPath":"/paym/target/tips/facts","pathPart":"facts","children":[]},{"idNavigationItem":"2908","name":"Onboarding","fullPath":"/paym/target/tips/onboarding","pathPart":"onboarding","children":[]}]},{"idNavigationItem":"1067","name":"ECMS","fullPath":"/paym/target/ecms","pathPart":"ecms","children":[{"idNavigationItem":"3193","name":"Governance","fullPath":"/paym/target/ecms/governance","pathPart":"governance","children":[]}]},{"idNavigationItem":"3171","name":"Pontes","fullPath":"/paym/target/pontes","pathPart":"pontes","children":[{"idNavigationItem":"3172","name":"Governance","fullPath":"/paym/target/pontes/governance","pathPart":"governance","children":[]}]},{"idNavigationItem":"3078","name":"TARGET professional use documents & links","fullPath":"/paym/target/target-professional-use-documents-links","pathPart":"target-professional-use-documents-links","children":[{"idNavigationItem":"2865","name":"Shared features documents & links","fullPath":"/paym/target/target-professional-use-documents-links/coco","pathPart":"coco","children":[]},{"idNavigationItem":"2891","name":"T2 documents & links","fullPath":"/paym/target/target-professional-use-documents-links/t2","pathPart":"t2","children":[]},{"idNavigationItem":"1058","name":"T2S documents & links","fullPath":"/paym/target/target-professional-use-documents-links/t2s","pathPart":"t2s","children":[]},{"idNavigationItem":"1062","name":"TIPS documents & links","fullPath":"/paym/target/target-professional-use-documents-links/tips","pathPart":"tips","children":[]},{"idNavigationItem":"1068","name":"ECMS documents & links","fullPath":"/paym/target/target-professional-use-documents-links/ecms","pathPart":"ecms","children":[]},{"idNavigationItem":"3191","name":"Pontes documents & links","fullPath":"/paym/target/target-professional-use-documents-links/pontes-documents-links","pathPart":"pontes-documents-links","children":[]}]}]},{"idNavigationItem":"1069","name":"Tokenisation and DLT","fullPath":"/paym/dlt","pathPart":"dlt","children":[{"idNavigationItem":"3177","name":"Appia","fullPath":"/paym/dlt/appia","pathPart":"appia","children":[]},{"idNavigationItem":"3203","name":"Governance","fullPath":"/paym/dlt/governance","pathPart":"governance","children":[]},{"idNavigationItem":"2923","name":"Exploratory work","fullPath":"/paym/dlt/exploratory","pathPart":"exploratory","children":[]}]},{"idNavigationItem":"1070","name":"Retail payments","fullPath":"/paym/retail","pathPart":"retail","children":[{"idNavigationItem":"1794","name":"Retail payments strategy","fullPath":"/paym/retail/retail_payments_strategy","pathPart":"retail_payments_strategy","children":[]},{"idNavigationItem":"1071","name":"ECB as a catalyst","fullPath":"/paym/retail/ecb","pathPart":"ecb","children":[]},{"idNavigationItem":"1072","name":"SEPA","fullPath":"/paym/retail/sepa","pathPart":"sepa","children":[]},{"idNavigationItem":"1075","name":"Instant payments","fullPath":"/paym/retail/instant_payments","pathPart":"instant_payments","children":[]},{"idNavigationItem":"3180","name":"Market contact groups","fullPath":"/paym/retail/groups","pathPart":"groups","children":[]}]},{"idNavigationItem":"1077","name":"Collateral management harmonisation","fullPath":"/paym/collateral","pathPart":"collateral","children":[{"idNavigationItem":"3182","name":"SCoRE","fullPath":"/paym/collateral/score","pathPart":"score","children":[]},{"idNavigationItem":"1078","name":"Implementation","fullPath":"/paym/collateral/implementation","pathPart":"implementation","children":[]},{"idNavigationItem":"1079","name":"FAQ","fullPath":"/paym/collateral/faq","pathPart":"faq","children":[]},{"idNavigationItem":"3179","name":"AMI-SeCo","fullPath":"/paym/collateral/ami-seco","pathPart":"ami-seco","children":[]}]},{"idNavigationItem":"1141","name":"Cyber resilience","fullPath":"/paym/cyber-resilience","pathPart":"cyber-resilience","children":[{"idNavigationItem":"1142","name":"Financial market infrastructures","fullPath":"/paym/cyber-resilience/fmi","pathPart":"fmi","children":[]},{"idNavigationItem":"1143","name":"TIBER-EU","fullPath":"/paym/cyber-resilience/tiber-eu","pathPart":"tiber-eu","children":[]},{"idNavigationItem":"3181","name":"Euro Cyber Resilience Board","fullPath":"/paym/cyber-resilience/euro-cyber-board","pathPart":"euro-cyber-board","children":[]}]},{"idNavigationItem":"1206","name":"Oversight","fullPath":"/paym/pol","pathPart":"pol","children":[{"idNavigationItem":"1209","name":"Payment systems","fullPath":"/paym/pol/systems","pathPart":"systems","children":[]},{"idNavigationItem":"2919","name":"TARGET2-Securities","fullPath":"/paym/pol/target2-securities","pathPart":"target2-securities","children":[]},{"idNavigationItem":"1211","name":"Electronic payments","fullPath":"/paym/pol/instr","pathPart":"instr","children":[]},{"idNavigationItem":"1210","name":"Securities settlement systems and central counterparties","fullPath":"/paym/pol/clearing","pathPart":"clearing","children":[]},{"idNavigationItem":"1212","name":"Critical service providers","fullPath":"/paym/pol/critical","pathPart":"critical","children":[]},{"idNavigationItem":"2921","name":"Correspondent and custodian banks","fullPath":"/paym/pol/correspondent-and-custodian-banks","pathPart":"correspondent-and-custodian-banks","children":[]},{"idNavigationItem":"1215","name":"SecuRe Pay forum","fullPath":"/paym/pol/forum","pathPart":"forum","children":[]}]},{"idNavigationItem":"1218","name":"Reserve management services","fullPath":"/paym/erms","pathPart":"erms","children":[{"idNavigationItem":"1219","name":"Key aspects","fullPath":"/paym/erms/aspects","pathPart":"aspects","children":[]},{"idNavigationItem":"1220","name":"Range of services","fullPath":"/paym/erms/service","pathPart":"service","children":[]}]},{"idNavigationItem":"978","name":"Cash professionals","fullPath":"/paym/cashprof","pathPart":"cashprof","children":[{"idNavigationItem":"979","name":"Cash handling","fullPath":"/paym/cashprof/cashhand","pathPart":"cashhand","children":[{"idNavigationItem":"980","name":"Authentication devices","fullPath":"/paym/cashprof/cashhand/devices","pathPart":"devices","children":[]},{"idNavigationItem":"983","name":"Recirculation of banknotes","fullPath":"/paym/cashprof/cashhand/recycling","pathPart":"recycling","children":[]}]},{"idNavigationItem":"990","name":"Common detector interface specifications","fullPath":"/paym/cashprof/cdispec","pathPart":"cdispec","children":[]},{"idNavigationItem":"991","name":"Banknote manufacturer accreditation","fullPath":"/paym/cashprof/accreditation","pathPart":"accreditation","children":[]}]},{"idNavigationItem":"3076","name":"Financial stability","fullPath":"/paym/##","pathPart":"##","children":[]},{"idNavigationItem":"653","name":"Introduction to financial stability","fullPath":"/paym/financial-stability","pathPart":"financial-stability","children":[]},{"idNavigationItem":"657","name":"Macroprudential Measures","fullPath":"/paym/macroprudential-measures","pathPart":"macroprudential-measures","children":[]},{"idNavigationItem":"2847","name":"Financial stability contact groups","fullPath":"/paym/financial_stability_contact_groups","pathPart":"financial_stability_contact_groups","children":[]}]},{"idNavigationItem":"12","name":"Statistics","fullPath":"/stats","pathPart":"stats","children":[{"idNavigationItem":"3088","name":"Frequently accessed","fullPath":"/stats/##","pathPart":"##","children":[]},{"idNavigationItem":"3081","name":"Euro exchange rates","fullPath":"/stats/euro-exchange-rates","pathPart":"euro-exchange-rates","children":[]},{"idNavigationItem":"3082","name":"Key ECB interest rates","fullPath":"/stats/key-ecb-interest-rates","pathPart":"key-ecb-interest-rates","children":[]},{"idNavigationItem":"3085","name":"Euro short-term rate (\u20acSTR)","fullPath":"/stats/euro-short-term-rates","pathPart":"euro-short-term-rates","children":[{"idNavigationItem":"1144","name":"Interest rate benchmarks","fullPath":"/stats/euro-short-term-rates/interest_rate_benchmarks","pathPart":"interest_rate_benchmarks","children":[{"idNavigationItem":"1146","name":"Working group on euro risk-free rates","fullPath":"/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates","pathPart":"WG_euro_risk-free_rates","children":[]}]}]},{"idNavigationItem":"3086","name":"Inflation","fullPath":"/stats/inflation","pathPart":"inflation","children":[]},{"idNavigationItem":"3087","name":"Euro area yield curves","fullPath":"/stats/euro-area-yield-curves","pathPart":"euro-area-yield-curves","children":[]},{"idNavigationItem":"3089","name":"All statistics & background","fullPath":"/stats/##","pathPart":"##","children":[]},{"idNavigationItem":"3079","name":"All key statistics","fullPath":"/stats/all-key-statistics","pathPart":"all-key-statistics","children":[]},{"idNavigationItem":"2900","name":"All data services","fullPath":"/stats/accessing-our-data","pathPart":"accessing-our-data","children":[]},{"idNavigationItem":"705","name":"Data reporting & standards","fullPath":"/stats/ecb_statistics","pathPart":"ecb_statistics","children":[{"idNavigationItem":"707","name":"Governance and quality framework","fullPath":"/stats/ecb_statistics/governance_and_quality_framework","pathPart":"governance_and_quality_framework","children":[]},{"idNavigationItem":"710","name":"Co-operation and standards","fullPath":"/stats/ecb_statistics/co-operation_and_standards","pathPart":"co-operation_and_standards","children":[]},{"idNavigationItem":"712","name":"Banks\u2019 data reporting","fullPath":"/stats/ecb_statistics/reporting","pathPart":"reporting","children":[{"idNavigationItem":"3202","name":"DPM Alliance","fullPath":"/stats/ecb_statistics/reporting/dpm","pathPart":"dpm","children":[]},{"idNavigationItem":"3201","name":"IReF","fullPath":"/stats/ecb_statistics/reporting/IReF","pathPart":"IReF","children":[]},{"idNavigationItem":"3200","name":"JBRC","fullPath":"/stats/ecb_statistics/reporting/jbrc","pathPart":"jbrc","children":[]},{"idNavigationItem":"713","name":"BIRD","fullPath":"/stats/ecb_statistics/reporting/bird","pathPart":"bird","children":[]}]},{"idNavigationItem":"749","name":"AnaCredit","fullPath":"/stats/ecb_statistics/anacredit","pathPart":"anacredit","children":[{"idNavigationItem":"750","name":"AnaCredit Q&A","fullPath":"/stats/ecb_statistics/anacredit/questions","pathPart":"questions","children":[]}]},{"idNavigationItem":"708","name":"Public consultations","fullPath":"/stats/ecb_statistics/consultations","pathPart":"consultations","children":[]},{"idNavigationItem":"711","name":"Banking industry dialogue on ESCB statistics and integrated reporting","fullPath":"/stats/ecb_statistics/dialogue","pathPart":"dialogue","children":[]},{"idNavigationItem":"717","name":"SDMX \u2013 statistical data exchange model","fullPath":"/stats/ecb_statistics/sdmx","pathPart":"sdmx","children":[]},{"idNavigationItem":"714","name":"INEXDA - granular data network","fullPath":"/stats/ecb_statistics/inexda","pathPart":"inexda","children":[]}]}]},{"idNavigationItem":"14","name":"The euro","fullPath":"/euro","pathPart":"euro","children":[{"idNavigationItem":"1783","name":"Digital euro","fullPath":"/euro/digital_euro","pathPart":"digital_euro","children":[{"idNavigationItem":"2910","name":"What it is","fullPath":"/euro/digital_euro/features","pathPart":"features","children":[{"idNavigationItem":"3103","name":"Digital euro and privacy","fullPath":"/euro/digital_euro/features/privacy","pathPart":"privacy","children":[]}]},{"idNavigationItem":"2912","name":"How it works","fullPath":"/euro/digital_euro/how-it-works","pathPart":"how-it-works","children":[]},{"idNavigationItem":"2911","name":"Why we need it","fullPath":"/euro/digital_euro/why-we-need-it","pathPart":"why-we-need-it","children":[]},{"idNavigationItem":"3173","name":"Innovation platform","fullPath":"/euro/digital_euro/innovation-platform","pathPart":"innovation-platform","children":[]},{"idNavigationItem":"3190","name":"Pilot","fullPath":"/euro/digital_euro/pilot","pathPart":"pilot","children":[]},{"idNavigationItem":"3104","name":"Timeline and progress","fullPath":"/euro/digital_euro/progress","pathPart":"progress","children":[]},{"idNavigationItem":"2913","name":"In-depth information","fullPath":"/euro/digital_euro/timeline","pathPart":"timeline","children":[{"idNavigationItem":"2315","name":"Governance and stakeholder engagement","fullPath":"/euro/digital_euro/timeline/stakeholder","pathPart":"stakeholder","children":[]},{"idNavigationItem":"2316","name":"Technical documents and research","fullPath":"/euro/digital_euro/timeline/profuse","pathPart":"profuse","children":[]},{"idNavigationItem":"3101","name":"Scheme rulebook","fullPath":"/euro/digital_euro/timeline/rulebook","pathPart":"rulebook","children":[]}]},{"idNavigationItem":"1786","name":"Frequently asked questions","fullPath":"/euro/digital_euro/faqs","pathPart":"faqs","children":[]}]},{"idNavigationItem":"3070","name":"Cash","fullPath":"/euro/##","pathPart":"##","children":[]},{"idNavigationItem":"943","name":"The Eurosystem cash strategy","fullPath":"/euro/cash_strategy","pathPart":"cash_strategy","children":[{"idNavigationItem":"944","name":"The role of cash","fullPath":"/euro/cash_strategy/cash_role","pathPart":"cash_role","children":[]},{"idNavigationItem":"942","name":"Issuance and circulation","fullPath":"/euro/cash_strategy/issuance","pathPart":"issuance","children":[]},{"idNavigationItem":"3102","name":"Access to and acceptance of cash","fullPath":"/euro/cash_strategy/acceptance-cash","pathPart":"acceptance-cash","children":[]},{"idNavigationItem":"1792","name":"Frequently asked questions","fullPath":"/euro/cash_strategy/faqs","pathPart":"faqs","children":[]}]},{"idNavigationItem":"945","name":"Banknotes","fullPath":"/euro/banknotes","pathPart":"banknotes","children":[{"idNavigationItem":"2864","name":"Future banknotes","fullPath":"/euro/banknotes/future_banknotes","pathPart":"future_banknotes","children":[]},{"idNavigationItem":"2901","name":"Current banknotes","fullPath":"/euro/banknotes/current","pathPart":"current","children":[{"idNavigationItem":"946","name":"Denominations","fullPath":"/euro/banknotes/current/denominations","pathPart":"denominations","children":[]},{"idNavigationItem":"953","name":"Design elements","fullPath":"/euro/banknotes/current/design","pathPart":"design","children":[]},{"idNavigationItem":"947","name":"Security features","fullPath":"/euro/banknotes/current/security","pathPart":"security","children":[]}]},{"idNavigationItem":"955","name":"Anti-counterfeiting","fullPath":"/euro/banknotes/ac","pathPart":"ac","children":[]},{"idNavigationItem":"941","name":"Banknote production and stocks","fullPath":"/euro/banknotes/production","pathPart":"production","children":[]},{"idNavigationItem":"956","name":"Damaged and inked-stained banknotes","fullPath":"/euro/banknotes/damaged","pathPart":"damaged","children":[]},{"idNavigationItem":"959","name":"Environment, health and safety","fullPath":"/euro/banknotes/environmental","pathPart":"environmental","children":[{"idNavigationItem":"2909","name":"Product environmental footprint","fullPath":"/euro/banknotes/environmental/pef","pathPart":"pef","children":[]}]},{"idNavigationItem":"960","name":"Research and development","fullPath":"/euro/banknotes/research","pathPart":"research","children":[]},{"idNavigationItem":"961","name":"Images and reproduction rules","fullPath":"/euro/banknotes/images","pathPart":"images","children":[]},{"idNavigationItem":"963","name":"Information and training materials","fullPath":"/euro/banknotes/info","pathPart":"info","children":[]}]},{"idNavigationItem":"964","name":"Coins","fullPath":"/euro/coins","pathPart":"coins","children":[{"idNavigationItem":"965","name":"\u20ac2","fullPath":"/euro/coins/2euro","pathPart":"2euro","children":[]},{"idNavigationItem":"966","name":"\u20ac1","fullPath":"/euro/coins/1euro","pathPart":"1euro","children":[]},{"idNavigationItem":"967","name":"50 cent","fullPath":"/euro/coins/50cents","pathPart":"50cents","children":[]},{"idNavigationItem":"968","name":"20 cent","fullPath":"/euro/coins/20cents","pathPart":"20cents","children":[]},{"idNavigationItem":"969","name":"10 cent","fullPath":"/euro/coins/10cents","pathPart":"10cents","children":[]},{"idNavigationItem":"970","name":"5 cent","fullPath":"/euro/coins/5cents","pathPart":"5cents","children":[]},{"idNavigationItem":"971","name":"2 cent","fullPath":"/euro/coins/2cents","pathPart":"2cents","children":[]},{"idNavigationItem":"972","name":"1 cent","fullPath":"/euro/coins/1cent","pathPart":"1cent","children":[]},{"idNavigationItem":"973","name":"Common sides","fullPath":"/euro/coins/common","pathPart":"common","children":[]},{"idNavigationItem":"974","name":"\u20ac2 commemorative coins","fullPath":"/euro/coins/comm","pathPart":"comm","children":[]},{"idNavigationItem":"975","name":"Security features","fullPath":"/euro/coins/security","pathPart":"security","children":[]},{"idNavigationItem":"976","name":"Collector coins","fullPath":"/euro/coins/collect","pathPart":"collect","children":[]}]},{"idNavigationItem":"992","name":"Joining the euro area","fullPath":"/euro/changeover","pathPart":"changeover","children":[{"idNavigationItem":"3176","name":"Bulgaria (2026)","fullPath":"/euro/changeover/bulgaria","pathPart":"bulgaria","children":[]},{"idNavigationItem":"2877","name":"Croatia (2023)","fullPath":"/euro/changeover/croatia","pathPart":"croatia","children":[]},{"idNavigationItem":"993","name":"Lithuania (2015)","fullPath":"/euro/changeover/lithuania","pathPart":"lithuania","children":[]},{"idNavigationItem":"994","name":"Latvia (2014)","fullPath":"/euro/changeover/latvia","pathPart":"latvia","children":[]},{"idNavigationItem":"995","name":"Estonia (2011)","fullPath":"/euro/changeover/estonia","pathPart":"estonia","children":[]},{"idNavigationItem":"996","name":"Slovakia (2009)","fullPath":"/euro/changeover/slovakia","pathPart":"slovakia","children":[]},{"idNavigationItem":"997","name":"Cyprus (2008)","fullPath":"/euro/changeover/cyprus","pathPart":"cyprus","children":[]},{"idNavigationItem":"998","name":"Malta (2008)","fullPath":"/euro/changeover/malta","pathPart":"malta","children":[]},{"idNavigationItem":"999","name":"Slovenia (2007)","fullPath":"/euro/changeover/slovenia","pathPart":"slovenia","children":[]},{"idNavigationItem":"1000","name":"Initial changeover (2002)","fullPath":"/euro/changeover/2002","pathPart":"2002","children":[]}]},{"idNavigationItem":"1002","name":"Exchanging national cash","fullPath":"/euro/exchange","pathPart":"exchange","children":[{"idNavigationItem":"1003","name":"Austria","fullPath":"/euro/exchange/au","pathPart":"au","children":[]},{"idNavigationItem":"1004","name":"Belgium","fullPath":"/euro/exchange/be","pathPart":"be","children":[]},{"idNavigationItem":"3178","name":"Bulgaria","fullPath":"/euro/exchange/bg","pathPart":"bg","children":[]},{"idNavigationItem":"2884","name":"Croatia","fullPath":"/euro/exchange/hr","pathPart":"hr","children":[]},{"idNavigationItem":"1005","name":"Cyprus","fullPath":"/euro/exchange/cy","pathPart":"cy","children":[]},{"idNavigationItem":"1006","name":"Estonia","fullPath":"/euro/exchange/et","pathPart":"et","children":[]},{"idNavigationItem":"1007","name":"Finland","fullPath":"/euro/exchange/fi","pathPart":"fi","children":[]},{"idNavigationItem":"1008","name":"France","fullPath":"/euro/exchange/fr","pathPart":"fr","children":[]},{"idNavigationItem":"1009","name":"Germany","fullPath":"/euro/exchange/de","pathPart":"de","children":[]},{"idNavigationItem":"1010","name":"Greece","fullPath":"/euro/exchange/gr","pathPart":"gr","children":[]},{"idNavigationItem":"1011","name":"Ireland","fullPath":"/euro/exchange/ir","pathPart":"ir","children":[]},{"idNavigationItem":"1013","name":"Latvia","fullPath":"/euro/exchange/lv","pathPart":"lv","children":[]},{"idNavigationItem":"1012","name":"Italy","fullPath":"/euro/exchange/it","pathPart":"it","children":[]},{"idNavigationItem":"1014","name":"Lithuania","fullPath":"/euro/exchange/lt","pathPart":"lt","children":[]},{"idNavigationItem":"1015","name":"Luxembourg","fullPath":"/euro/exchange/lu","pathPart":"lu","children":[]},{"idNavigationItem":"1016","name":"Malta","fullPath":"/euro/exchange/mt","pathPart":"mt","children":[]},{"idNavigationItem":"1017","name":"The Netherlands","fullPath":"/euro/exchange/nl","pathPart":"nl","children":[]},{"idNavigationItem":"1018","name":"Portugal","fullPath":"/euro/exchange/pt","pathPart":"pt","children":[]},{"idNavigationItem":"1019","name":"Slovakia","fullPath":"/euro/exchange/slovakia","pathPart":"slovakia","children":[]},{"idNavigationItem":"1020","name":"Slovenia","fullPath":"/euro/exchange/sl","pathPart":"sl","children":[]},{"idNavigationItem":"1021","name":"Spain","fullPath":"/euro/exchange/es","pathPart":"es","children":[]}]},{"idNavigationItem":"1028","name":"Visually impaired people","fullPath":"/euro/visually","pathPart":"visually","children":[]}]},{"idNavigationItem":"11","name":"Research","fullPath":"/pub","pathPart":"pub","children":[{"idNavigationItem":"558","name":"Economic research","fullPath":"/pub/economic-research","pathPart":"economic-research","children":[{"idNavigationItem":"2321","name":"Research agenda","fullPath":"/pub/economic-research/research_agenda","pathPart":"research_agenda","children":[{"idNavigationItem":"2322","name":"Monetary policy, strategy and implementation","fullPath":"/pub/economic-research/research_agenda/monetary_policy","pathPart":"monetary_policy","children":[]},{"idNavigationItem":"2323","name":"Fiscal policy and governance within EMU","fullPath":"/pub/economic-research/research_agenda/fiscal_policy","pathPart":"fiscal_policy","children":[]},{"idNavigationItem":"2324","name":"International macro and finance","fullPath":"/pub/economic-research/research_agenda/international","pathPart":"international","children":[]},{"idNavigationItem":"2325","name":"Real sector and microeconomic analysis","fullPath":"/pub/economic-research/research_agenda/real_sector","pathPart":"real_sector","children":[]},{"idNavigationItem":"2326","name":"Forecasting and business cycle analysis","fullPath":"/pub/economic-research/research_agenda/forecasting","pathPart":"forecasting","children":[]},{"idNavigationItem":"2327","name":"Macro-finance, systemic risk and macroprudential policy","fullPath":"/pub/economic-research/research_agenda/macro-finance","pathPart":"macro-finance","children":[]},{"idNavigationItem":"2328","name/retail/groups/html/index.it.html">Gruppi di contatto per i mercati</a></li></ul></li><li class="has-subpages"><a href="/paym/collateral/html/index.it.html">Armonizzazione nella gestione delle garanzie</a><a href="#" class="subpages" title="toggle subpages for Armonizzazione nella gestione delle garanzie"></a><ul><li class="clearfix"><a href="/paym/collateral/score/html/index.it.html">SCoRE</a></li><li class="clearfix"><a href="/paym/collateral/implementation/html/index.it.html">Attuazione</a></li><li class="clearfix"><a href="/paym/collateral/faq/html/index.it.html">Risposte alle domande più frequenti</a></li><li class="clearfix"><a href="/paym/collateral/ami-seco/html/index.it.html">AMI-SeCo</a></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.it.html">Resilienza cibernetica</a><a href="#" class="subpages" title="toggle subpages for Resilienza cibernetica"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.it.html">Infrastrutture dei mercati finanziari</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.it.html">TIBER-EU</a></li><li class="clearfix"><a href="/paym/cyber-resilience/euro-cyber-board/html/index.it.html">Comitato di resilienza cibernetica dell’euro</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.it.html">Sorveglianza</a><a href="#" class="subpages" title="toggle subpages for Sorveglianza"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.it.html">Sistemi di pagamento</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.it.html">Target2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.it.html">Pagamenti elettronici</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.it.html">Sistemi di regolamento in titoli e controparti centrali</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.it.html">Fornitori di servizi critici</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.it.html">Banche corrispondenti e depositarie</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.it.html">Forum SecuRe Pay</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.it.html">Servizi di gestione delle riserve</a><a href="#" class="subpages" title="toggle subpages for Servizi di gestione delle riserve"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.it.html">Aspetti principali</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.it.html">Servizi offerti</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.it.html">Categorie professionali che operano con il contante</a><a href="#" class="subpages" title="toggle subpages for Categorie professionali che operano con il contante"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.it.html">Gestione del contante</a><a href="#" class="subpages" title="toggle subpages for Gestione del contante"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.it.html">Dispositivi di controllo dell’autenticità</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.it.html">Ricircolo delle banconote</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.it.html">Specifiche per sistemi di rilevazione</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.it.html">Accreditamento dei fabbricanti per le banconote</a></li></ul></li><li class="clearfix"><span>Stabilità finanziaria</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.it.html">Introduzione alla stabilità finanziaria</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.it.html">Misure macroprudenziali</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.it.html">Gruppi di contatto per la stabilità finanziaria</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.it.html">Statistiche</a><a href="#" class="subpages" title="toggle subpages for Statistiche"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item">
    <div class="title">Statistiche</div>
    <p>Tutte le statistiche della BCE e le informazioni di base</p><a href="/stats/html/index.en.html">Panoramica sulle statistiche della BCE</a><hr>
    <div class="nav-title">Link rapidi</div>
    <ul>
        <li><a href="https://data.ecb.europa.eu/main-figures">Dati principali</a></li>
		<li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li>
		<li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Tutti i servizi di accesso ai dati</a></li>
        
    </ul>
</div><!-- <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html"  class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">IL BLOG DELLA BCE - Dati pi&ugrave; precisi: impatto del cambiamento climatico sulle banche</div>
    <div class="image-date">18/04/2024</div></a> --> <a href="/press/pr/date/2025/html/ecb.pr250313~9d160bc6e2.en.html"  class="item image"> <img src="/stats/html/index/ECB_Website_StatisticsMegaMenu_95044094-01.png" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">COMUNICATO STAMPA - La BCE avvia il progetto pilota per l&rsquo;accesso a fini di ricerca a dati statistici riservati</div>
        <div class="image-date">13/03/2025</div></a></div></div><ul><li class="clearfix"><span>Pagine più visitate</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.it.html">Tassi di cambio dell’euro</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.it.html">Tassi di interesse di riferimento della BCE</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.it.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.it.html">Tassi di interesse benchmark</a><a href="#" class="subpages" title="toggle subpages for Tassi di interesse benchmark"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.it.html">Gruppo di lavoro per i tassi sui prestiti privi di rischio in euro</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.it.html">Inflazione</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.it.html">Curve dei rendimenti nell’area dell’euro</a></li><li class="clearfix"><span>Statistiche e informazioni di base</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.it.html">Tutte le statistiche principali</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.it.html">Tutti i servizi di accesso ai dati</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.it.html">Segnalazioni e standard dei dati</a><a href="#" class="subpages" title="toggle subpages for Segnalazioni e standard dei dati"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.it.html">Governance e qualità delle statistiche</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.it.html">Cooperazione e standard</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/reporting/html/index.it.html">Segnalazioni statistiche delle banche</a><a href="#" class="subpages" title="toggle subpages for Segnalazioni statistiche delle banche"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/reporting/dpm/html/index.it.html">DPM Alliance</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/IReF/html/index.it.html">IReF</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/jbrc/html/index.it.html">JBRC</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/bird/html/index.it.html">BIRD</a></li></ul></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.it.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.it.html">Risposte alle domande più frequenti su AnaCredit</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.it.html">Consultazioni pubbliche</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.it.html">Dialogo con il settore bancario sulle statistiche del SEBC e segnalazioni integrate</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.it.html">SDMX: modello per lo scambio di dati statistici</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.it.html">INEXDA: rete per la gestione di dati granulari</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.it.html">L’euro</a><a href="#" class="subpages" title="toggle subpages for L’euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item">
    <div class="title">L&rsquo;euro</div>
    <p>Tutto sulla nostra moneta comune</p><a href="/euro/html/index.en.html">Panoramica sull&rsquo;euro</a><hr>
    <div class="nav-title">Link rapidi</div>
    <ul>
        <li><a href="/paym/cashprof/html/index.en.html">Categorie professionali che operano con il contante</a></li>
        <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistiche sulle banconote e monete</a></li>
        <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Tassi di cambio dell&rsquo;euro</a></li>
    </ul>
</div><a href="/euro/banknotes/future_banknotes/html/index.en.html" class="item image"> <img src="/home/shared/img/callToAction/Design_future_banknotes_box_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Progettazione delle nostre future banconote</div><!--<div class="image-date">01/01/2026</div>--> </a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.it.html">Euro digitale</a><a href="#" class="subpages" title="toggle subpages for Euro digitale"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.it.html">Caratteristiche</a><a href="#" class="subpages" title="toggle subpages for Caratteristiche"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.it.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.it.html">Come funziona</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.it.html">Perché serve</a></li><li class="clearfix"><a href="/euro/digital_euro/innovation-platform/html/index.it.html">Piattaforma per l’innovazione</a></li><li class="clearfix"><a href="/euro/digital_euro/pilot/html/index.it.html">Progetto pilota</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.it.html">Tempistica e progressi</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.it.html">Informazioni approfondite</a><a href="#" class="subpages" title="toggle subpages for Informazioni approfondite"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.it.html">Governance e parti interessate</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.it.html">Documentazione tecnica e indagini</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.it.html">Manuale di norme</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.it.html">Risposte alle domande più frequenti</a></li></ul></li><li class="clearfix"><span>Contante</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.it.html">La strategia dell’Eurosistema per il contante</a><a href="#" class="subpages" title="toggle subpages for La strategia dell’Eurosistema per il contante"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.it.html">Il ruolo del contante</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.it.html">Emissione e circolazione</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.it.html">Accessibilità e accettazione del contante</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.it.html">Risposte alle domande più frequenti</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.it.html">Banconote</a><a href="#" class="subpages" title="toggle subpages for Banconote"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/html/index.it.html">Le future banconote</a></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.it.html">Le attuali banconote</a><a href="#" class="subpages" title="toggle subpages for Le attuali banconote"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.it.html">Tagli</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.it.html">Elementi grafici</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.it.html">Caratteristiche di sicurezza</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.it.html">Misure antifalsificazione</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.it.html">Produzione e scorte di banconote</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.it.html">Banconote danneggiate o macchiate di inchiostro</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.it.html">Ambiente, salute e sicurezza</a><a href="#" class="subpages" title="toggle subpages for Ambiente, salute e sicurezza"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.it.html">Impronta ambientale di prodotto</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.it.html">Ricerca e sviluppo</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.it.html">Immagini e norme sulla riproduzione</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.it.html">Materiale divulgativo e formativo</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.it.html">Monete</a><a href="#" class="subpages" title="toggle subpages for Monete"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.it.html">€2</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.it.html">€1</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.it.html">50 cent</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.it.html">20 cent</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.it.html">10 cent</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.it.html">5 cent</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.it.html">2 cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.it.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.it.html">Facce comuni</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.it.html">Monete celebrative o commemorative da €2</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.it.html">Caratteristiche di sicurezza</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.it.html">Monete da collezione</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.it.html">Transizione all’euro</a><a href="#" class="subpages" title="toggle subpages for Transizione all’euro"></a><ul><li class="clearfix"><a href="/euro/changeover/bulgaria/html/index.it.html">Bulgaria (2026)</a></li><li class="clearfix"><a href="/euro/changeover/croatia/html/index.it.html">Croazia (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.it.html">Lituania (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.it.html">Lettonia (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.it.html">Estonia (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.it.html">Slovacchia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.it.html">Cipro (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.it.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.it.html">Slovenia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.it.html">Sostituzione iniziale del contante (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.it.html">Dove cambiare le vecchie valute</a><a href="#" class="subpages" title="toggle subpages for Dove cambiare le vecchie valute"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.it.html">Austria</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.it.html">Belgio</a></li><li class="clearfix"><a href="/euro/exchange/bg/html/index.it.html">Bulgaria</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.it.html">Croazia</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.it.html">Cipro</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.it.html">Estonia</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.it.html">Finlandia</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.it.html">Francia</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.it.html">Germania</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.it.html">Grecia</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.it.html">Irlanda</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.it.html">Lettonia</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.it.html">Italia</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.it.html">Lituania</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.it.html">Lussemburgo</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.it.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.it.html">Paesi Bassi</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.it.html">Portogallo</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.it.html">Slovacchia</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.it.html">Slovenia</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.it.html">Spagna</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.it.html">In aiuto delle persone con disabilità visive</a></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/pub/html/index.it.html">Studi</a><a href="#" class="subpages" title="toggle subpages for Studi"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item">
    <div class="title">Studi</div>
    <p>Ricerche approfondite e analisi specialistiche riguardanti temi e campi diversi</p><a
        href="/pub/html/index.en.html">Panoramica sugli studi della BCE</a>
    <hr>
    <div class="nav-title">Link rapidi</div>
    <ul>
        <!-- <li><a href="/press/research-publications/resbull/html/index.en.html">Research Bulletin</a></li> -->
        <li><a href="/press/conferences/html/index.en.html">Conferenze e seminari</a></li>
        <li><a href="/pub/economic-research/programmes/html/index.en.html">Opportunit&agrave; per ricercatori</a></li>
    </ul>
</div><a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img
        src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy"
        style="object-fit:cover">
    <div class="image-caption">Research Bulletin</div>
</a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.it.html">Studi economici</a><a href="#" class="subpages" title="toggle subpages for Studi economici"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.it.html">Programma di ricerca</a><a href="#" class="subpages" title="toggle subpages for Programma di ricerca"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.it.html">Politica monetaria, strategia e attuazione</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.it.html">Politica di bilancio e governance nell’Unione economica e monetaria</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.it.html">Macroeconomia e finanza internazionale</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.it.html">Economia reale e analisi microeconomica</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.it.html">Previsioni e analisi del ciclo economico</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.it.html">Macrofinanza, rischio sistemico e politica macroprudenziale</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.it.html">Istituzioni finanziarie, politica microprudenziale, mercati finanziari e pagamenti</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.it.html">Opportunità per ricercatori</a><a href="#" class="subpages" title="toggle subpages for Opportunità per ricercatori"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.it.html">Wim Duisenberg Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.it.html">Research Visitor Programme</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.it.html">Lamfalussy Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.it.html">Summer Research Graduate Programme</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.it.html">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.it.html">Studi giuridici</a><a href="#" class="subpages" title="toggle subpages for Studi giuridici"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.it.html">Conferenze e seminari giuridici</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.it.html">Programma di ricerca giuridica</a></li></ul></li><li class="has-subpages -section"><a href="/pub/research/html/index.it.html">Collane di studi</a><a href="#" class="subpages" title="toggle subpages for Collane di studi"></a><ul><li class="clearfix -section"><a href="/pub/research/authors/html/index.it.html">Studi per autore</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.it.html">Ricercatori della BCE</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.it.html">Reti di ricerca</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.it.html">Notizie e pubblicazioni</a><a href="#" class="subpages" title="toggle subpages for Notizie e pubblicazioni"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item">
    <div class="title">Notizie e pubblicazioni</div><a href="/press/pubbydate/html/index.en.html">Esplora tutte le notizie e pubblicazioni</a><hr>
    
</div>

</div><ul><li><span>Notizie</span></li><li><a href="/press/pr/html/index.it.html">Comunicati stampa</a></li><li><a href="/press/stats/html/index.it.html">Comunicati stampa sulle statistiche</a></li><li><a href="/press/key/html/index.it.html">Interventi</a></li><li><a href="/press/inter/html/index.it.html">Interviste</a></li><li><a href="/press/blog/html/index.it.html">Il Blog della BCE</a></li><li><a href="/press/tvservices/html/index.it.html">Podcast e webcast</a></li><li><a href="/press/intro/html/index.it.html">Notizie ed eventi sui pagamenti</a></li><li><a href="/press/contacts/html/index.it.html">Area stampa</a></li></ul></div><ul><li class="clearfix"><span>Pubblicazioni</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.it.html">Decisioni del Consiglio direttivo</a><a href="#" class="subpages" title="toggle subpages for Decisioni del Consiglio direttivo"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.it.html">Decisioni di politica monetaria</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.it.html">Altre decisioni</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.it.html">Resoconti di politica monetaria</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.it.html">Bollettino economico</a><a href="#" class="subpages" title="toggle subpages for Bollettino economico"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.it.html">Articoli</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.it.html">Focus</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.it.html">Bollettino mensile</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.it.html">Proiezioni macroeconomiche</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.it.html">Rapporti annuali e bilanci</a><a href="#" class="subpages" title="toggle subpages for Rapporti annuali e bilanci"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.it.html">Rapporto annuale</a><a href="#" class="subpages" title="toggle subpages for Rapporto annuale"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.it.html">Bilancio</a></li><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.it.html">Bilancio dell’Eurosistema</a></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.it.html">Situazione contabile settimanale</a><a href="#" class="subpages" title="toggle subpages for Situazione contabile settimanale"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.it.html">Dati disaggregati</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.it.html">Pubblicazioni di stabilità finanziaria</a><a href="#" class="subpages" title="toggle subpages for Pubblicazioni di stabilità finanziaria"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.it.html">Financial Stability Review</a><a href="#" class="subpages" title="toggle subpages for Financial Stability Review"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.it.html">Approfondimenti</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.it.html">Macroprudential Bulletin</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.it.html">Ricerche</a><a href="#" class="subpages" title="toggle subpages for Ricerche"></a><ul><li class="clearfix"><a href="/press/research-publications/resbull/html/index.it.html">Research Bulletin</a></li><li class="clearfix"><a href="/press/research-publications/working-papers/html/index.it.html">Working Paper Series</a></li><li class="clearfix"><a href="/press/research-publications/discussion-papers/html/index.it.html">Discussion Paper Series</a></li><li class="clearfix"><a href="/press/research-publications/occasional-papers/html/index.it.html">Occasional Paper Series</a></li><li class="clearfix"><a href="/press/research-publications/legal-working-papers/html/index.it.html">Legal Working Paper Series</a></li><li class="clearfix"><a href="/press/research-publications/statistics-papers/html/index.it.html">Statistics Paper Series</a></li></ul></li><li class="has-subpages"><a href="/press/other-publications/html/index.it.html">Altre pubblicazioni</a><a href="#" class="subpages" title="toggle subpages for Altre pubblicazioni"></a><ul><li class="clearfix"><a href="/press/other-publications/mep-letters/html/index.it.html">Lettere ai membri del PE</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.it.html">Rapporto sulla convergenza</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.it.html">International Role of the Euro</a></li></ul></li><li class="clearfix"><span>Eventi e calendari</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.it.html">Conferenza stampa di politica monetaria</a><a href="#" class="subpages" title="toggle subpages for Conferenza stampa di politica monetaria"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.it.html">Dichiarazioni di politica monetaria</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.it.html">La dichiarazione di politica monetaria in sintesi</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.it.html">Conferenze e seminari</a><a href="#" class="subpages" title="toggle subpages for Conferenze e seminari"></a><ul><li class="has-subpages"><a href="/press/conferences/ecbforum/html/index.it.html">Forum on Central Banking</a><a href="#" class="subpages" title="toggle subpages for Forum on Central Banking"></a><ul><li class="clearfix"><a href="/press/conferences/ecbforum/YE_competition/html/index.it.html">Young Economist Prize</a></li><li class="clearfix"><a href="/press/conferences/ecbforum/previous_fora/html/index.it.html">Eventi passati</a></li></ul></li><li class="clearfix"><a href="/press/conferences/civil_society_engagement/html/index.it.html">Iniziative per la società civile</a></li></ul></li><li class="has-subpages"><a href="/press/calendars/html/index.it.html">Calendari</a><a href="#" class="subpages" title="toggle subpages for Calendari"></a><ul><li class="clearfix"><a href="/press/calendars/weekly/html/index.it.html">Programma settimanale</a></li><li class="clearfix"><a href="/press/calendars/mgcgc/html/index.it.html">Riunioni del Consiglio direttivo e del Consiglio generale</a></li><li class="has-subpages"><a href="/press/calendars/statscal/html/index.it.html">Calendari delle pubblicazioni statistiche</a><a href="#" class="subpages" title="toggle subpages for Calendari delle pubblicazioni statistiche"></a><ul><li class="clearfix"><a href="/press/calendars/statscal/mfm/html/index.it.html">Mercati monetari, bancari e finanziari</a></li><li class="clearfix"><a href="/press/calendars/statscal/eaa/html/index.it.html">Andamenti economici e finanziari dell’area dell’euro per settore istituzionale</a></li><li class="clearfix"><a href="/press/calendars/statscal/ext/html/index.it.html">Operazioni e posizioni con l’estero</a></li><li class="clearfix"><a href="/press/calendars/statscal/ges/html/index.it.html">Prezzi, produzione, domanda e lavoro</a></li><li class="clearfix"><a href="/press/calendars/statscal/gf/html/index.it.html">Finanze pubbliche</a></li><li class="clearfix"><a href="/press/calendars/statscal/sps/html/index.it.html">Statistiche prudenziali e di vigilanza</a></li></ul></li><li class="clearfix"><a href="/press/calendars/caleu/html/index.it.html">Operazioni d’asta dell’Eurosistema</a></li><li class="clearfix"><a href="/press/calendars/reserve/html/index.it.html">Periodo di mantenimento delle riserve</a></li></ul></li></ul></div></li><li class="clearfix -ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.it.html">Vigilanza bancaria della BCE<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/ecb/html/index.it.html">Chi siamo</a><a href="#" class="subpages" title="toggle subpages for Chi siamo"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured">
				<div class="item">
					<div class="title">Chi siamo</div>
					<hr>
				</div>
				</div></div><ul><li class="clearfix"><a href="/ecb/all-about-us/html/index.it.html">Tutto su chi siamo</a></li><li class="has-subpages"><a href="/ecb/decisions/html/index.it.html">La nostra leadership</a><a href="#" class="subpages" title="toggle subpages for La nostra leadership"></a><ul><li class="clearfix"><a href="/ecb/decisions/eb/html/index.it.html">Comitato esecutivo</a></li><li class="clearfix"><a href="/ecb/decisions/govc/html/index.it.html">Consiglio direttivo</a></li><li class="clearfix"><a href="/ecb/decisions/genc/html/index.it.html">Consiglio generale</a></li><li class="clearfix"><a href="/ecb/decisions/ssm/html/index.it.html">Consiglio di vigilanza</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/html/index.it.html">La nostra organizzazione</a><a href="#" class="subpages" title="toggle subpages for La nostra organizzazione"></a><ul><li class="has-subpages"><a href="/ecb/orga/escb/html/index.it.html">BCE, SEBC ed Eurosistema</a><a href="#" class="subpages" title="toggle subpages for BCE, SEBC ed Eurosistema"></a><ul><li class="clearfix"><a href="/ecb/orga/escb/ecb-mission/html/index.it.html">La missione della BCE</a></li><li class="clearfix"><a href="/ecb/orga/escb/eurosystem-mission/html/index.it.html">La missione dell’Eurosistema</a></li><li class="clearfix"><a href="/ecb/orga/escb/strategic-intents/html/index.it.html">Intenti strategici</a></li><li class="clearfix"><a href="/ecb/orga/escb/organisational-principles/html/index.it.html">Principi organizzativi</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/html/index.it.html">Funzioni</a><a href="#" class="subpages" title="toggle subpages for Funzioni"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/monpol/html/index.it.html">Politica monetaria</a></li><li class="clearfix"><a href="/ecb/orga/tasks/statistics/html/index.it.html">Statistiche</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/stability/html/index.it.html">Stabilità finanziaria e politica macroprudenziale</a><a href="#" class="subpages" title="toggle subpages for Stabilità finanziaria e politica macroprudenziale"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/stability/tasks/html/index.it.html">I nostri compiti</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/strategy/html/index.it.html">Strategia</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/framework/html/index.it.html">Quadro istituzionale</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/euro/html/index.it.html">Banconote</a></li><li class="clearfix"><a href="/ecb/orga/tasks/paym/html/index.it.html">Pagamenti e titoli</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/europe/html/index.it.html">Relazioni europee</a><a href="#" class="subpages" title="toggle subpages for Relazioni europee"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/europe/cooperation/html/index.it.html">Cooperazione a livello europeo</a></li><li class="clearfix"><a href="/ecb/orga/tasks/europe/emu/html/index.it.html">Governance economica dell’UEM</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/international/html/index.it.html">Tematiche internazionali</a><a href="#" class="subpages" title="toggle subpages for Tematiche internazionali"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/international/institutions/html/index.it.html">Relazioni e analisi internazionali</a></li><li class="clearfix"><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.it.html">Cooperazione internazionale tra banche centrali</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/reserves/html/index.it.html">Riserve ufficiali e fondi propri</a></li><li class="clearfix"><a href="/ecb/orga/tasks/forex/html/index.it.html">Operazioni in valuta estera</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/orgachart/html/index.it.html">Organigramma della BCE</a></li><li class="clearfix"><a href="/ecb/orga/capital/html/index.it.html">Sottoscrizione del capitale</a></li><li class="clearfix"><a href="/ecb/orga/governance/html/index.it.html">Governance interna</a></li><li class="clearfix"><a href="/ecb/orga/eurosystem-financial-literacy-network/html/index.it.html">Rete europea per l’educazione finanziaria</a></li></ul></li><li class="has-subpages"><a href="/ecb/our-values/html/index.it.html">I nostri valori</a><a href="#" class="subpages" title="toggle subpages for I nostri valori"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.it.html">Indipendenza</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.it.html">Trasparenza</a></li><li class="has-subpages"><a href="/ecb/our-values/integrity/html/index.it.html">Integrità</a><a href="#" class="subpages" title="toggle subpages for Integrità"></a><ul><li class="clearfix"><a href="/ecb/our-values/integrity/enmo/html/index.it.html">Ethics Network of Multilateral Organizations (ENMO)</a></li></ul></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.it.html">Responsabilità per il proprio operato</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.it.html">La nostra storia, arte e cultura</a><a href="#" class="subpages" title="toggle subpages for La nostra storia, arte e cultura"></a><ul><li class="has-subpages"><a href="/ecb/history-arts-culture/history/html/index.it.html">La nostra storia</a><a href="#" class="subpages" title="toggle subpages for La nostra storia"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.it.html">I 25 anni della BCE</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/emu/html/index.it.html">Unione economica e monetaria</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/enlargement/html/index.it.html">Allargamento dell’UE</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/ec/html/index.it.html">Unione europea</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/archives/html/index.it.html">Archivio</a><a href="#" class="subpages" title="toggle subpages for Archivio"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/archives/cog/html/index.it.html">Comitato dei governatori</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emcf/html/index.it.html">Fondo europeo di cooperazione monetaria</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/delors/html/index.it.html">Comitato Delors</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emi/html/index.it.html">Istituto monetario europeo</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/european/html/index.it.html">Banca centrale europea</a></li></ul></li><li class="clearfix"><a href="/ecb/history-arts-culture/artsculture/html/index.it.html">Arte e cultura</a></li></ul></li><li class="has-subpages"><a href="/ecb/legal/html/index.it.html">Il nostro quadro normativo</a><a href="#" class="subpages" title="toggle subpages for Il nostro quadro normativo"></a><ul><li class="clearfix"><a href="/ecb/legal/faqs/html/index.it.html">EUR-Lex: risposte alle domande più frequenti</a></li><li class="clearfix"><a href="/ecb/legal/fsla/html/index.it.html">Quadro istituzionale</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.it.html">Cambiamento climatico: cosa fa la BCE?</a><a href="#" class="subpages" title="toggle subpages for Cambiamento climatico: cosa fa la BCE?"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.it.html">Il nostro piano sul clima e sulla natura</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.it.html">Comunicazioni di informazioni finanziarie in relazione al clima</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.it.html">Gestione dei rischi climatici</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.it.html">Sostegno alla transizione verde</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.it.html">Promozione di un’azione più ampia</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.it.html">Il nostro approccio</a></li><li class="clearfix"><a href="/ecb/climate/green/html/index.it.html">Tutela dell’ambiente</a></li><li class="clearfix"><a href="/ecb/climate/climate/html/index.it.html">Gap di protezione assicurativa climatica</a></li></ul></li><li class="clearfix"><a href="/ecb/sanctions/html/index.it.html">Sanzioni comminate dalla BCE</a></li><li class="has-subpages"><a href="/ecb/jobsproc/html/index.it.html">Risorse esterne</a><a href="#" class="subpages" title="toggle subpages for Risorse esterne"></a><ul><li class="clearfix"><a href="/ecb/jobsproc/tenders/html/index.it.html">Gare d’appalto</a></li><li class="clearfix"><a href="/ecb/jobsproc/archive/html/index.it.html">Archivio</a></li><li class="clearfix"><a href="/ecb/jobsproc/sourcing/html/index.it.html">Sistema di e-tendering</a></li></ul></li><li class="has-subpages"><a href="/ecb/access_to_documents/html/index.it.html">Accesso ai documenti</a><a href="#" class="subpages" title="toggle subpages for Accesso ai documenti"></a><ul><li class="clearfix"><a href="/ecb/access_to_documents/document/html/index.it.html">Registro pubblico di documenti</a></li></ul></li><li class="has-subpages"><a href="/ecb/contacts/html/index.it.html">Contatti</a><a href="#" class="subpages" title="toggle subpages for Contatti"></a><ul><li class="clearfix"><a href="/ecb/contacts/address/html/index.it.html">Indirizzi</a></li><li class="clearfix"><a href="/ecb/contacts/working-hours/html/index.it.html">Orario di attività</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/ecb-and-you/html/index.it.html">Tu e la BCE</a><a href="#" class="subpages" title="toggle subpages for Tu e la BCE"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured">
				<div class="item">
					<div class="title">Tu e la BCE</div>
					<hr>
				</div>
				</div></div><ul><li class="clearfix"><a href="/ecb-and-you/educational/html/index.it.html">Tutto su Tu e la BCE</a></li><li class="has-subpages"><a href="/ecb-and-you/explainers/html/index.it.html">Facciamo chiarezza</a><a href="#" class="subpages" title="toggle subpages for Facciamo chiarezza"></a><ul><li class="clearfix"><a href="/ecb-and-you/explainers/key-things-to-know-about-the-ecb/html/index.it.html">L’essenziale sulla BCE</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/ecb-and-beyond/html/index.it.html">Altro sulla BCE</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/our-currency-the-euro/html/index.it.html">La nostra moneta, l’euro</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/making-payments/html/index.it.html">Effettuare pagamenti</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/path-monetary-policy/html/index.it.html">Politica monetaria</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/unconventional-monetary-policy-instruments/html/index.it.html">Strumenti di politica monetaria non convenzionali</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/path-banking-supervision/html/index.it.html">Vigilanza bancaria</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/climate-change-and-the-ecb/html/index.it.html">Cambiamento climatico: cosa fa la BCE?</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/test-your-knowledge/html/index.it.html">Mettiti alla prova</a></li><li class="has-subpages"><a href="/ecb-and-you/youth-initiatives/html/index.it.html">Largo ai giovani</a><a href="#" class="subpages" title="toggle subpages for Largo ai giovani"></a><ul><li class="clearfix"><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.it.html">Girls’ IT Bootcamp</a></li></ul></li><li class="has-subpages"><a href="/ecb-and-you/financial_literacy_europe/html/index.it.html">Alfabetizzazione finanziaria in Europa</a><a href="#" class="subpages" title="toggle subpages for Alfabetizzazione finanziaria in Europa"></a><ul><li class="clearfix"><a href="/ecb-and-you/financial_literacy_europe/The-gender-gap-in-financial-literacy/html/index.it.html">Il divario di genere nell’alfabetizzazione finanziaria</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/everyone-needs-stability/html/index.it.html">Tutti abbiamo bisogno di stabilità</a></li><li class="clearfix"><a href="/ecb-and-you/ecb_and_you/html/index.it.html">Trasmissioni di Tu e la BCE</a></li><li class="clearfix"><a href="/ecb-and-you/ecb-in-frankfurt/html/index.it.html">La BCE a Francoforte</a></li><li class="clearfix"><a href="/ecb-and-you/ask_us/html/index.it.html">Chiedi alla BCE</a></li><li class="has-subpages"><a href="/ecb-and-you/visits/html/index.it.html">Visite</a><a href="#" class="subpages" title="toggle subpages for Visite"></a><ul><li class="clearfix"><a href="/ecb-and-you/visits/premises/html/index.it.html">Sede principale</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/careers/html/index.it.html">Lavorare in BCE</a><a href="#" class="subpages" title="toggle subpages for Lavorare in BCE"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured">
				<div class="item">
					<div class="title">Lavorare in BCE</div>
					<hr>
				</div>
				</div></div><ul><li class="clearfix"><a href="/careers/all-about-careers/html/index.it.html">Tutto su come lavorare in BCE</a></li><li class="clearfix"><a href="/careers/vacancies/html/index.it.html">Opportunità di lavoro</a></li><li class="has-subpages"><a href="/careers/working-at-the-ecb/html/index.it.html">Chi siamo</a><a href="#" class="subpages" title="toggle subpages for Chi siamo"></a><ul><li class="clearfix"><a href="/careers/working-at-the-ecb/about/html/index.it.html">Il ruolo della BCE</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/employee-portraits/html/index.it.html">A tu per tu</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.it.html">Vivere a Francoforte</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/values-at-work/html/index.it.html">I nostri valori</a></li></ul></li><li class="has-subpages"><a href="/careers/why-we-value-diversity/html/index.it.html">Perché la diversità è un valore</a><a href="#" class="subpages" title="toggle subpages for Perché la diversità è un valore"></a><ul><li class="clearfix"><a href="/careers/why-we-value-diversity/women/html/index.it.html">Women@ECB</a></li><li class="clearfix"><a href="/careers/why-we-value-diversity/diversity-networks/html/index.it.html">Reti per la diversità</a></li></ul></li><li class="has-subpages"><a href="/careers/what-we-offer/html/index.it.html">Cosa offriamo</a><a href="#" class="subpages" title="toggle subpages for Cosa offriamo"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/benefits/html/index.it.html">Trattamento economico e altre prestazioni</a></li><li class="has-subpages"><a href="/careers/what-we-offer/contract/html/index.it.html">Tipologie di contratti</a><a href="#" class="subpages" title="toggle subpages for Tipologie di contratti"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/contract/fixed/html/index.it.html">Contratti a tempo determinato</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/short/html/index.it.html">Contratti a breve termine</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/escb/html/index.it.html">ESCB/IO</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/other/html/index.it.html">Altro</a></li></ul></li><li class="clearfix"><a href="/careers/what-we-offer/traineeship/html/index.it.html">Tirocini</a></li><li class="clearfix"><a href="/careers/what-we-offer/graduate/html/index.it.html">Graduate Programme</a></li><li class="clearfix"><a href="/careers/what-we-offer/wecs/html/index.it.html">Women in Economics Scholarship</a></li><li class="clearfix"><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.it.html">Borse di studio della BCE per laureati ucraini</a></li></ul></li><li class="has-subpages"><a href="/careers/before-you-apply/html/index.it.html">Come fare per lavorare con noi</a><a href="#" class="subpages" title="toggle subpages for Come fare per lavorare con noi"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/how-to-apply/html/index.it.html">Come candidarsi</a></li><li class="clearfix"><a href="/careers/before-you-apply/how-we-hire/html/index.it.html">Il nostro processo di selezione</a></li><li class="has-subpages"><a href="/careers/before-you-apply/newcomers/html/index.it.html">Cosa fare dopo aver superato una selezione?</a><a href="#" class="subpages" title="toggle subpages for Cosa fare dopo aver superato una selezione?"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.it.html">Personale a tempo determinato</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/short-term/html/index.it.html">Personale a breve termine</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/trainee/html/index.it.html">Tirocinanti</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/cost-free/html/index.it.html">Personale distaccato a titolo gratuito</a></li></ul></li></ul></li><li class="clearfix"><a href="/careers/faq/html/index.it.html">Risposte alle domande più frequenti</a></li></ul></div></li></ul></div></nav>		
		
		
		<div id="page-actions">			
			<div class="ecb-quickSearch" style="width:100%;">
				<form role="search" method="get" style="width:100%;display:flex" onsubmit="return false">
					<input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" />				
					<a href="#" id="searchButton">Search</a>
				</form>
			</div>
		</div>

		<button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> 

		
		
		
	</div>
			<div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div>
		
</header>

<div id="ecb-mainnavwrapper" style="display: none !important;"></div>

<div id="addSearch-container-full">
    <div class="blue-bg">
        <div class="arrow-top"></div>
        <div class="section filter-radio">
            <div class="tabs-container -white-blue">

                <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all">
                <label for="searchAll" class="count-hits-all">QUALSIASI DATA <span class="count-hits"></span></label>
                <div class="spacer"></div>
                <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month">
                <label for="searchMonth" class="count-hits-month">MESE SCORSO <span class="count-hits"></span></label>
                <div class="spacer"></div>
                <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year">
                <label for="searchYear" class="count-hits-year">ANNO SCORSO <span class="count-hits"></span></label>

            </div>
            <div class="tabs-search-options-head">
                <div id="text-search-options" class="title-option">Opzioni di ricerca</div>
                <div id="text-image-preview" class="title-option hidden">Anteprima</div>
            </div>
        </div>
        <div class="arrow-bottom"></div>
        <div class="filter-selection form">
            <div class="form-content">
                <form>

                    <div>
                        <label for="dropdownSuggestions">Ordina per</label>
                        <div id="dropdownFilter" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate">
                                <option value="all" class="count-hits-all">QUALSIASI DATA</option>
                                <option value="month" class="count-hits-month">MESE SCORSO</option>
                                <option value="year" class="count-hits-year">ANNO SCORSO</option>
                            </select>
                        </div>
                    </div>

                    <div>
                        <label for="dropdownSuggestions" class="space-top">Suggerimenti</label>
                        <div id="dropdownSuggestions" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion">
                                <option></option>
                            </select>
                        </div>
                    </div>

                </form>
            </div>

        </div>
    </div>
    <div class="white-bg">
        <div class="section">
            <div class="adsearch-result-shadows" style="display: none;"></div>
            <div class="result-main-panel"><!--<h1 class="ecb0 title-stick">Search Results</h1>--><div id="addsearch-api-results"></div>
                <div class="addsearch-legends-categories"><span id="adcat_home">Home</span> <span id="adcat_press">Media</span> <span id="adcat_explainers">Facciamo chiarezza</span> <span id="adcat_pub">Studi e pubblicazioni</span> <span id="adcat_stats">Statistiche</span> <span id="adcat_mopo">Politica monetaria</span> <span id="adcat_euro">L&rsquo;euro</span> <span id="adcat_paym">Pagamenti e mercati</span> <span id="adcat_career">Lavorare in BCE</span></div>
            </div>
            <div class="result-side-panel">
                <div id="addsearch-sidemenu">
                    <div id="result-suggestions"><span>Suggerimenti</span><div id="suggestions-container">
                        </div>
                    </div>
                    <div id="result-sortBy"><span>Ordina per</span><div id="sortby-radio-container">
                            <div class="addsearch-sortby-radiogroup">
                                <label>
                                    <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Rilevanza</label>
                                <label>
                                    <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Data</label>
                            </div>
                        </div>
                    </div>
                </div>
                <div id="addsearch-image-container"><a href="#" class="no-icon" target="_blank"><img src="" id="addsearch-image" /></a></div>
            </div>
        </div>
    </div>
</div>
	<div id="main-wrapper" >
				<div class="header fast image-attribution  -small" data-image-webp="/pub/shared/img/header.webp" 			data-image="/pub/shared/img/header.jpg">
			<div data-image="/pub/shared/img/header.jpg" data-image-webp="/pub/shared/img/header.webp" ></div>		</div>
		
				<aside aria-label="Social media sharing and related content (if available)">
					
					<div id="ecb-social-sharing" class="" tab-index="2">
						<ul class="-links">
        <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li>
        
</ul>


<div class="-separator"></div>

<ul class="-links">
    <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li>
    <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li>
    <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li>
    <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li>
</ul>
    					</div>
					
																		</aside>
						
						<main >
			<div class="toBeUpdated" id="language-not-available">Non disponibile in italiano</div><div class="title -no-space-below">
						<h1>Charles Wyplosz</h1>
					</div><div class="profile-box  -portrait-img"></div><div class="definition-list ">
			<div class="header">
				<div class="title">ECB publications</div>
			</div><dl><dt isoDate="2013-09-17"><div class="date">17 September 2013</div></dt><dd><div class="title"><a href="/pub/pdf/asc/Reports_ASC_3_1309.pdf">The consequences of the single supervisory mechanism for Europe’s macro-prudential policy framework</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/andre-sapir.en.html" data-label="inglese" >André Sapir</a></li><li><a href="/pub/research/authors/profiles/martin-f-hellwig.en.html" data-label="inglese" >Martin F. Hellwig</a></li><li><a href="/pub/research/authors/profiles/marco-pagano.en.html" data-label="inglese" >Marco Pagano</a></li><li><a href="/pub/research/authors/profiles/viral-acharya.en.html" data-label="inglese" >Viral Acharya</a></li><li><a href="/pub/research/authors/profiles/leszek-balcerowicz.en.html" data-label="inglese" >Leszek Balcerowicz</a></li><li><a href="/pub/research/authors/profiles/arnoud-boot.en.html" data-label="inglese" >Arnoud Boot</a></li><li><a href="/pub/research/authors/profiles/markus-k-brunnermeier.en.html" data-label="inglese" >Markus K. Brunnermeier</a></li><li><a href="/pub/research/authors/profiles/claudia-m-buch.en.html" data-label="inglese" >Claudia M. Buch</a></li><li><a href="/pub/research/authors/profiles/ieke-van-den-burg.en.html" data-label="inglese" >Ieke van den Burg</a></li><li><a href="/pub/research/authors/profiles/charles-calomiris.en.html" data-label="inglese" >Charles Calomiris</a></li><li><a href="/pub/research/authors/profiles/daniel-gros.en.html" data-label="inglese" >Daniel Gros</a></li><li><a href="/pub/research/authors/profiles/dario-focarelli.en.html" data-label="inglese" >Dario Focarelli</a></li><li><a href="/pub/research/authors/profiles/alberto-giovannini.en.html" data-label="inglese" >Alberto Giovannini</a></li><li><a href="/pub/research/authors/profiles/andreas-ittner.en.html" data-label="inglese" >Andreas Ittner</a></li><li><a href="/pub/research/authors/profiles/dirk-schoenmaker.en.html" data-label="inglese" >Dirk Schoenmaker</a></li><li><a href="/pub/research/authors/profiles/charles-wyplosz.en.html" data-label="inglese" >Charles Wyplosz</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a  class='pdf' lang="en" href="/pub/pdf/asc/Reports_ASC_3_1309.pdf">
						<span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2012-07-23"><div class="date">23 July 2012</div></dt><dd><div class="title"><a href="/pub/pdf/asc/Reports_ASC_1_1207.pdf">Forbearance, resolution and deposit insurance</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/martin-f-hellwig.en.html" data-label="inglese" >Martin F. Hellwig</a></li><li><a href="/pub/research/authors/profiles/andre-sapir.en.html" data-label="inglese" >André Sapir</a></li><li><a href="/pub/research/authors/profiles/marco-pagano.en.html" data-label="inglese" >Marco Pagano</a></li><li><a href="/pub/research/authors/profiles/viral-acharya.en.html" data-label="inglese" >Viral Acharya</a></li><li><a href="/pub/research/authors/profiles/leszek-balcerowicz.en.html" data-label="inglese" >Leszek Balcerowicz</a></li><li><a href="/pub/research/authors/profiles/arnoud-boot.en.html" data-label="inglese" >Arnoud Boot</a></li><li><a href="/pub/research/authors/profiles/markus-k-brunnermeier.en.html" data-label="inglese" >Markus K. Brunnermeier</a></li><li><a href="/pub/research/authors/profiles/claudia-m-buch.en.html" data-label="inglese" >Claudia M. Buch</a></li><li><a href="/pub/research/authors/profiles/ieke-van-den-burg.en.html" data-label="inglese" >Ieke van den Burg</a></li><li><a href="/pub/research/authors/profiles/charles-calomiris.en.html" data-label="inglese" >Charles Calomiris</a></li><li><a href="/pub/research/authors/profiles/daniel-gros.en.html" data-label="inglese" >Daniel Gros</a></li><li><a href="/pub/research/authors/profiles/dario-focarelli.en.html" data-label="inglese" >Dario Focarelli</a></li><li><a href="/pub/research/authors/profiles/alberto-giovannini.en.html" data-label="inglese" >Alberto Giovannini</a></li><li><a href="/pub/research/authors/profiles/andreas-ittner.en.html" data-label="inglese" >Andreas Ittner</a></li><li><a href="/pub/research/authors/profiles/dirk-schoenmaker.en.html" data-label="inglese" >Dirk Schoenmaker</a></li><li><a href="/pub/research/authors/profiles/charles-wyplosz.en.html" data-label="inglese" >Charles Wyplosz</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a  class='pdf' lang="en" href="/pub/pdf/asc/Reports_ASC_1_1207.pdf">
						<span class="ecb-full">English</span></a></span></div></dd></dl></div>
			
			
		</main>
	</div>
	<div id="feedback" class="hidden">
	<div class="content-box">
		<div class="initial">
			<div class="title">Ti piace questa pagina?</div><a class="button -inverted-color" id="feedback-yes">S&igrave;</a> <a class="button -inverted-color" id="feedback-no">No</a></div>
		<div class="second hidden">
			<div class="title">Perch&eacute; no?</div><a class="button -inverted-color" id="feedback-broken">Pagina non funzionante</a> <a class="button -inverted-color" id="feedback-content">Informazioni poco utili</a> <a class="button -inverted-color" id="feedback-design">Grafica poco accattivante</a> <a class="button -inverted-color" id="feedback-other">Altro</a></div>
		<div class="final hidden">
			<div class="title">Grazie per aver espresso la tua opinione!</div>
		</div>
	</div>
</div>	<footer id="ecb-doc-footer">
    <div class="ecb-footerTop"><div class="ecb-serviceNavigation">
		<div class="ecb-serviceNavigationBox">
			<div class="ecb-serviceNavigationBoxTitle">Link utili</div>
			<div class="ecb-serviceNavigationBoxLinks">
				<ul>
					<li><a href="/ecb/all-about-us/html/index.en.html">Chi siamo</a></li>
					<li><a href="/careers/vacancies/html/index.en.html">Lavorare con noi</a></li>
					<li><a href="/ecb-and-you/explainers/html/index.en.html">Facciamo chiarezza</a></li>
					<li><a href="/press/contacts/html/press_photos.en.html">Foto per la stampa</a></li>
					<li><a href="/ecb/contacts/html/index.en.html">Contatti</a></li>
					<li><a href="/ecb/contacts/address/html/index.en.html">Dove trovarci</a></li>
									</ul>
			</div>
		</div>
		<div class="ecb-serviceNavigationBox">
			<div class="ecb-serviceNavigationBoxTitle">Utilizzare il nostro sito</div>
			<div class="ecb-serviceNavigationBoxLinks">
				<ul>
					<li><a href="/services/disclaimer/html/index.en.html">Esclusione della responsabilit&agrave; e diritto d&rsquo;autore</a></li><!--
					<li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Privacy statement</a></li>
					<li><a href="/services/languagepolicy/html/index.en.html">Language policy</a></li>
					--><li><a href="/services/using-our-site/technical-updates/html/index.en.html">Aggiornamenti tecnici</a></li>
					<li><a href="/services/using-our-site/responsible-disclosure/html/index.en.html">Divulgazione responsabile</a></li>
				</ul>
			</div>
		</div>
		<div class="ecb-serviceNavigationBox">
			<div class="ecb-serviceNavigationBoxTitle">Politiche interne</div>
			<div class="ecb-serviceNavigationBoxLinks">
				<ul>
					<li><a href="/services/data-protection/html/index.en.html">Protezione dei dati</a></li>
					<li><a href="/services/data-protection/privacy-statements/html/ecb.privacy_statement_website.en.html">Informativa sulla privacy per il sito</a></li>
					<li><a href="/services/data-protection/privacy-statements/html/ecb.privacy_statement_cookiepolicy.en.html">Informativa sui cookie</a></li>
					<li><a href="/services/html/accessibility-statement.en.html">Dichiarazione di accessibilit&agrave;</a></li>
					<li><a href="/services/using-our-site/language-policy/html/index.en.html">Politica linguistica</a></li>

					
				</ul>
			</div>
		</div><!--
		<div class="ecb-serviceNavigationBox">
			<div class="ecb-serviceNavigationBoxTitle">Contact</div>
			<div class="ecb-serviceNavigationBoxLinks">
				<ul>
					<li><a href="/ecb/contacts/html/index.en.html">Contacts</a></li>
					<li><a href="/services/contacts/address/html/index.en.html">Address</a></li>
					<li><a href="/services/contacts/working-hours/html/index.en.html">Public holidays</a></li>
				</ul>
			</div>
		</div>
	--></div>
	<div class="footerBottomLinks">
		<div class="sitemap"><a href="/home/sitedir/html/index.en.html" title="Directory del sito">Directory del sito</a></div>
		
	</div>
</div><div class="ecb-footerBottom">
	<div><p><span>Diritto d&rsquo;autore 2026, </span>Banca centrale europea</p></div>
	<div class="ecb-footerBottomSocialLinks">
		<h2 role="presentation">Seguici su</h2>
		<div class="socialLinks"><a href="https://x.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <!--<a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a>--><a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="Soundcloud"></a> <a href="/rss" class="rss" title="Feed RSS"></a></div>
	</div>	
</div>    <!-- <button id='back-to-top' class='fa fa-angle-up'>Back to top</button> -->
</footer>



<style>
[data-count]{
	position: relative;
}
[data-count]::after{
	position: absolute;
    right: -20px;
    bottom: 0px;
    display: block;
    content: attr(data-count);
    color: rgba(255, 255, 255, 0.8);
    text-shadow: 0 0 8px black;
    font-size: 11px;
}

body.hideCount [data-count]::after{
	display: none;
}
</style>

<script>
	(function(){
		let addedCount = false;
		let addCount = function(){
			let list = document.querySelectorAll("h2,h3,h4,p,a");
			for(var i = 0; i < list.length; i++){
				let item = list[i];
				item.setAttribute("data-count",item.textContent.length);
			}	
		}

		document.onkeypress = function(e){			
			if(e.ctrlKey && e.code == "KeyM"){
				if(addedCount){	
					document.body.classList.add('hideCount');
					addedCount = false;
				}else{				
					document.body.classList.remove('hideCount');
					addCount();
					addedCount = true;
				}	
			}
		}	
	})();
	
	
</script>
<link rel="stylesheet" href="/shared/dist/css/print.min.css?5878693" media="print">

<div class="ecb-cookieConsent hidden" id="cookieConsent" role="region" aria-label="Cookie sul sito Internet della Banca centrale europea">
	<div class="initial">
		<h2>Il nostro sito utilizza cookie</h2>
		<p>Utilizziamo i cookie funzionali per memorizzare le preferenze degli utenti, i cookie analitici per migliorare le prestazioni del sito Internet e i cookie di terze parti che sono creati dai servizi di terze parti integrati nel sito. Puoi decidere se accettarli o bloccarli. Per maggiori informazioni o per modificare le tue preferenze sui cookie e sui registri dei server che usiamo:</p>
			<p class="cookieConsentMoreInfoLinks"><a href="/services/data-protection/privacy-statements/html/ecb.privacy_statement_website.en.html">Leggi la nostra informativa sulla privacy</a><a href="/services/data-protection/privacy-statements/html/ecb.privacy_statement_cookiepolicy.en.html">Scopri di pi&ugrave; su come utilizziamo i cookie</a></p><!--<a href="/home/data-protection/privacy-statements/website/html/index.it.html" class="arrow">Learn more about how we use cookies</a></p>--><div class="consentButtons initial cf"><button class="check linkButton linkButtonLarge floatLeft highlight-medium">Capito! Accetto e acconsento all&rsquo;uso dei cookie</button> <button class="cross linkButton linkButtonLarge floatRight highlight-medium">Non accetto e non acconsento all&rsquo;uso dei cookie</button></div>
	</div>
	<div class="accepted hidden">
		<h2>Grazie!</h2>
    	<div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div>
	</div>
	<div class="refused hidden">
		<h2>Grazie!</h2>
		<div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div>   	
	</div>
	<div class="updated hidden">
		<h2>Abbiamo aggiornato la nostra informativa sulla privacy</h2>
		<p>Siamo costantemente impegnati a migliorare questo sito per i nostri utenti. I dati forniti in forma anonima dai cookie ci aiutano a farlo.<br> <a href="/home/data-protection/privacy-statements/website/html/index.it.html" class="arrow">Guarda cosa &egrave; cambiato nella nostra informativa sulla privacy</a></p>	
		<div class="consentButtons updated cf"><button class="check linkButton linkButtonLarge floatLeft highlight-medium">Capito! Accetto e acconsento all&rsquo;uso dei cookie</button> <button class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Non accetto e non acconsento all&rsquo;uso dei cookie</button></div>
	</div>
	<div class="expired hidden">
		<h2>Le tue preferenze sui cookie sono scadute</h2>
		<p>Siamo costantemente impegnati a migliorare questo sito per i nostri utenti. I dati forniti in forma anonima dai cookie ci aiutano a farlo.<br> <a href="/home/data-protection/privacy-statements/website/html/index.it.html" class="arrow">Scopri di pi&ugrave; su come utilizziamo i cookie</a></p>	
		<div class="consentButtons expired cf"><button class="check linkButton linkButtonLarge floatLeft highlight-medium">Capito! Accetto e acconsento all&rsquo;uso dei cookie</button> <button class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Non accetto e non acconsento all&rsquo;uso dei cookie</button></div>
	</div>
</div>
<div class="cookieBlockedMessage template hidden">
	<div class="cookieBlockedContentHolder">
		<div class="mainCookieBlockedMessage">Questo elemento richiede l&rsquo;utilizzo di cookie.</div><a class="button modify-cookies">Modifica</a></div>
</div>
 


<script src="/shared/js/analytics/pa_events.js?v=" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script>


<script src="/shared/dist/js/ieBlock.min.js" defer></script>
		
</body>

</html>
