ECB-Meeting of 5-6 June 2024-Account of the monetary policy meeting of the Governing Council of the European Central Bank

July 4, 2024--Held in Frankfurt am Main on Wednesday and Thursday, 5-6 June 2024
1. Review of financial, economic and monetary developments and policy options-Financial market developments
Ms Schnabel noted that since the Governing Council's previous monetary policy meeting on 10-11 April 2024, the narrative in financial markets had converged across major advanced economies.

It had moved towards a more gradual easing cycle and high-for-longer interest rates, owing to a more protracted "last mile" of disinflation.

The key drivers of financial market developments had been a stronger euro area economy, signs of a cooling US economy and strong investor risk appetite.

Euro area macroeconomic data had continued to turn out better than expected over the past four months, strengthening investors' view that the economic recovery was on track. By contrast, macroeconomic data surprises in the United States had become less favourable. Tentative signs of the US labour market cooling and inflation in line with expectations had eased investors' concerns that the Federal Reserve System might have to hike interest rates again.

ESMA publishes latest edition of its newsletter

January 9, 2025-- The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.

Amundi to shut its original 'multi' smart beta ETF

January 8, 2025--The fund made returns of nearly 20% last year but has failed to retain sufficient assets to be 'economically efficient'
Amundi is to close a multi-strategy smart beta exchange traded fund, the product it launched to enter the space a decade ago.

ESMA launches selection of the Consolidated Tape Provider for bonds

January 3, 2025-- The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is launching the first selection procedure for the Consolidated Tape Provider (CTP) for bonds. Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by 7 February 2025.

ECB-Monetary developments in the euro area: November 2024

January 2, 2025--Annual growth rate of broad monetary aggregate M3 increased to 3.8% in November 2024 from 3.4% in October
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 1.5% in November from 0.2% in October
Annual growth rate of adjusted loans to households stood at 0.9% in November, compared with 0.8% in October