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Save ECB Benchmark Interest Rate

ECB has 3 main standard tools among others to implement its monetary policy: marginal lending facility, main refinancing operations, and deposit facility. They all reached record low in 2019.

Marginal lending facility (MLF):
Financial institutes borrow overnight funds from ECB at MLF rate, providing qualified collateral. MLF is a tool that ECB offers to the banks that have urgent needs for funds.

Main refinancing operations (MRO):
MRO rate is the rate at which ECB lends money to the banks for a week. The banks should provide collaterals, which ECB will sell back to them at a higher price in a week (aka RRP). MRO is a tool for ECB to adjust liquidity on a weekly basis.

Deposit facility (DF):
Banks can deposit their excess reserve at ECB for one night. The banks have to pay interest when the rate is negative.

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Latest Stats
  • ECB Main Refinancing Operation Rate
    2021-12
    0.00%
  • ECB Deposit Facility Rate
    2021-12
    -0.50%
  • ECB Marginal Lending Facility Rate
    2021-12
    0.25%
Source
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Save ECB Total Assets vs. Eurozone FIs' Excess Reserves

Before the Financial Crisis broke out, ECB's total assets were around €1.4 trillion. Since 2008, ECB has implemented "Enhanced Credit Support" in 2008, "3-year LTRO" in 2011, and "APP" (asset purchasing program) in 2015 (reactivated in September 2019). In 2020, ECB's PEPP in response to the COVID-19 pandemic brought the Central bank's total assets to more than €6 trillion. Excess reserves of the FIs in the Eurozone have also expanded despite negative interest rates.

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Latest Stats
  • ECB Total Assets
    2021 W47
    8,456,991.00m
  • Eurozone Total Excess Reserves of FIs
    2021-11
    3,652,903.04m
Source
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Save UK BOE Total Asset Purchase

The Bank of England purchases UK government debt (known as gilts) and eligible corporate bonds from private investors in secondary markets through the Asset Purchase Facility (APF) as part of quantitative easing (QE).

Term Funding Scheme (TFS) was transferred from the Bank of England Asset Purchase Facility Fund Limited to BOE’s balance sheet on January 23rd, 2019, hence the sharp decline.

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Latest Stats
  • BoE Total Asset Purchase
    2021 W48
    886,918.00m
  • BoE Weekly Net Asset Purchase
    2021 W48
    3,441.00m
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Save 3-month Libor

LIBOR is an average interest rate between banks in London, determined by the market. It has 7 dues and 5 denominations. It indicates the level of liquidity among major financial institutes.

When LIBOR rises, liquidity is "tightening"; when LIBOR lowers, liquidity is "easing."

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Latest Stats
  • USD 3-month LIBOR
    2021-12-06
    0.19%
  • EUR 3-month LIBOR
    2021-12-06
    -0.60%
  • GBP 3-month LIBOR
    2021-12-06
    0.08%
  • JPY 3-month LIBOR
    2021-12-06
    -0.07
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Save Eurozone Money Supply

Eurozone has three major monetary supply: M1, M2, and M3.
Growth of M1 slowed down in 2018 when ECB began buying less bonds.

M1 = currency in circulation (banknotes and coins) + overnight deposits

M2 = M1 + deposits with an agreed maturity of up to two years + deposits redeemable at notice of up to three months

M3 = M2 + repurchase agreements + money market fund shares/units + debt securities up to two years

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Latest Stats
  • Eurozone M1 Money Supply (YoY)
    2021-10
    10.70%
  • Eurozone M2 Money Supply (YoY)
    2021-10
    7.50%
  • Eurozone M3 Money Supply (YoY)
    2021-10
    7.70%
Source
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Save Eurozone Loans to Household

Loans to household are the aggregate demand for funds from households in Eurozone.

When loans to household show positive growth, house price and inflation are likely to rise.
If loans to household growth is declining, house price and inflation decline, too.

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Latest Stats
  • Eurozone Loans to Household
    2021-10
    6,334,297.00m
  • Eurozone Loans to Household (YoY)
    2021-10
    4.30%
Source
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Save Eurozone Loans to Non-financial Cooperations

This chart shows the aggregate demand for funds from non-financial cooperations in the Eurozone.

When loans to non-financial cooperations show positive growth, economic conditions are likely to improve.
If loans to non-financial cooperations growth are declining, economic conditions are sluggish.

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Latest Stats
  • Eurozone Loans to Non-financial Cooperations
    2021-10
    4,794,244.00m
  • Eurozone Loans to Non-financial Cooperations (YoY)
    2021-10
    1.90%
Source
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Save Europe 10-year Bond Yield

10-year bond yield remain suppressed in the long run because market funds shifted to risk-averting assets as the European economy as a whole is declining. When bond price rises, bond yield falls.

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Latest Stats
  • Germany 10-year Bond Yield
    2021-12-07
    -0.38%
  • The UK 10-year Bond Yield
    2021-12-07
    0.74%
  • France 10-year Bond Yield
    2021-12-07
    -0.02%
  • Italy 10-year Bond Yield
    2021-12-07
    0.92%
  • Spain 10-year Bond Yield
    2021-12-07
    0.33%
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Save Europe Spread between 10- and 2-year Bond Yields

Spread between long- and short-term bond yield reflects current economic conditions. When spread narrows down, or even reverses, it's a sign of an economic recession.

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Latest Stats
  • Germany 10-year Minus 2-year Bond Yields
    2021-12-07
    0.35%
  • The UK 10-year Minus 2-year Bond Yields
    2021-12-07
    0.29%
  • France 10-year Minus 2-year Bond Yields
    2021-12-07
    0.70%
  • Italy 10-year Minus 2-year Bond Yields
    2021-12-07
    1.22%
  • Spain 10-year Minus 2-year Bond Yields
    2021-12-07
    0.93%
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Save US & Germany 10-year Bond Yield Spread

US & Germany spread = US 10-year bond yield - Germany 10-year bond yield

The long-term yield reacts to the overall economic changes, and the spread reflects the difference of economic strength between US and Eurozone. When spread goes up, American economy is stronger, and vice versa.

Based on historical data, when US-Germany spread goes down, or even falls below zero, it is often accompanied with an economic crisis.

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Latest Stats
  • US & Germany 10-year Bond Yield Spread (L)
    2021-12-06
    1.82%
  • US 10-year Bond Yield
    2021-12-07
    1.48%
  • Germany 10-year Bond Yield
    2021-12-07
    -0.38%
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Save Yield Spread Between Other European Countries and Germany

10-year bond yield spread between other European countries and Germany reflects the level of political or economic risk. When risks are high, the spread rises. In 2012, for instance, Spain & Germany and Italy & Germany 10-year bond yield spread skyrocketed during the European debt crisis.

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Latest Stats
  • France & Germany 10-year Bond Yield Spread
    0.00
  • Spain & Germany 10-year Bond Yield Spread
    0.00
  • Italy & Germany 10-year Bond Yield Spread
    0.00
  • UK & Germany 10-year Bond Yield Spread
    0.00
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