欧洲央行：2025年欧洲央行的货币政策报告（英文版）

Source: Bletzinger T., Martorana, G. and Mistak, J. (forthcoming). Notes: The chart shows the Macro-Finance FCI and its decomposition, with contributions estimated in a macro-finance model (Bletzinger, T. et al., forthcoming). The “Short rate” refers to the €STR, the “Long rate” to the ten-year nominal OIS rate, “Real rates” to the one-year real OIS rate in one year’s time and the five-year real OIS rate, “Sovereign spreads” to the two- and ten-year euro area GDP-weighted sovereign bond sprea