ECB published its working paper series. These are the following:

• The impact of the COVID-19 pandemic and policy support on productivity
• Overall, the research provides a comprehensive analysis of the impact of the COVID-19 pandemic on productivity in Europe. By analyzing both aggregate and firm-level data, the study finds that the pandemic led to temporary changes in productivity trends, with labor productivity per hour worked increasing while productivity per employee declined due to job retention schemes.
• The impact of climate change and policies on productivity
• Overall, the impact of climate change on EU countries and regions is multifaceted and will require strategic and coordinated efforts to transition towards a more climate-friendly economy. This shift will have varying implications for businesses based on factors such as size, financial resources, and capacity for innovation. Transition policies that promote green innovation while also considering the needs of existing industries will be crucial for success. Subsidies for green R&D will play a key role in fostering innovation during this period of transition.
• Digitalisation and productivity
• In summary, the report emphasizes the importance of promoting digital technologies to enhance productivity at the firm level in euro-area countries. It acknowledges that while digital adoption can lead to increased productivity in the medium term, not all firms and sectors experience significant gains. Factors such as weak institutions and governance structures may hinder digital diffusion and limit the expected productivity benefits.
• Monetary developments in the euro area: January 2024
• In January 2024, the monetary developments in the euro area showed some key trends. The annual growth rate of broad money (M3) stood at 6.5%, slightly lower than the previous month. The growth rate of loans to the private sector also decreased slightly, reaching 5.4%. Deposit dynamics remained strong, with the annual growth rate of deposits from households increasing to 8.8%. Meanwhile, the annual growth rate of deposits from non-financial corporations decreased to 4.7%. Overall, these developments suggest a stable and healthy financial environment in the euro area in January 2024.