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What is Behind the Increase in Non-Monetary Policy Securities of the Eurosystem?

The Eurosystem has completely stopped reinvestments in maturing bonds from its purchase programmes at the end of 2024, leading to an acceleration in the decline in the stock…

Net Equity Effects from the Revaluation of Monetary Gold in the Eurosystem

Many central banks have turned to gold purchases during recent years, partly as a substitute for USD-denominated assets in their balance sheets (OMFIF 2024). However, the…

The Impact of Banknotes in Circulation on Profits of Commercial Banks in Austria

The Oesterreichische Nationalbank will present its annual report for the year 2024 at the end of March. It can be expected that the OeNB recorded a high loss again, after a…