• Home
  • About us
    • Mission statement
    • Our role and functions
      • Maintenance of price stability
      • Reserves management
      • Banker to the banks and the public sector
      • Ensuring financial stability
      • Formulation and implementation of a macro-prudential policy
      • Collecting, compiling, disseminating and publishing statistics
      • Promoting & supporting the development of financial markets & efficient payment & settlement systems
      • Relations with local institutions
      • Relations with international institutions
    • Governance
      • Board of Directors
        • Mr Alexander Demarco
        • Mr Oliver Bonello
        • Ms Rita Schembri
        • Professor Peter J. Baldacchino
        • Professor Frank Bezzina
        • Dr Romina Borg
        • Professor Lauren Ellul
      • Organisational structure
      • Assurance
      • Management of Risk
    • Our history
      • History of premises
      • Coat of arms
      • Governors past and present
    • Balance sheet
    • Career Opportunities and Training
      • Career Opportunities
        • Current Vacancies
        • Staff Social Club
      • Training
        • Training opportunities
        • Learning Research and Development Study Programme
        • ESCB work experience
      • Job opportunity
    • Procurement
    • Legislation
      • Central Bank of Malta Act
      • Central Bank of Malta Directives
    • Publication of calendars of the CBM Members of the ECB Governing Council and Supervisory Board
      • Archive of Calendars
        • Calendars 2025
        • Calendars 2024
        • Calendars 2023
        • Calendars 2022
        • Calendars 2021
        • Calendars 2020
        • Calendars 2019
    • Financial Crime Compliance
      • Anti-Money Laundering
    • Financial Literacy
    • Opening Times
    • FAQs
    • CBM Art, Culture & Heritage
      • Victor Pasmore (1908-1998)
      • Philip Chircop (1943-2019)
      • Ġanni Bonnici (1932-2019)
      • Harry Alden (1929-2019)
      • Reflecting on Malta’s vocation as a hub for healthcare and medical education 100 years after the end of WWI
      • Gabriel Caruana (1929-2018)
    • Quick Questions and Answers
      • The importance of IT during the COVID-19 Pandemic
      • International Monetary Fund
      • COVID-19 & Monetary Policy Operations
      • Financial Literacy
      • Network for Greening the Financial System
      • Anti-Money Laundering/Combating the Financing of Terrorism
      • Gender inequality in the workforce
      • Distributed Ledger Technology and Virtual currencies
  • Monetary policy
    • Monetary policy instruments
    • Eligible assets and counterparties
    • Asset Purchase Programme (APP)
    • Pandemic Emergency Purchase Programme (PEPP)
    • Two-tier System
  • Financial Stability
    • Macroprudential analysis and oversight
      • Archive of Stress Testing
        • 2021 EU-Wide Stress Test
        • 2018 EU-Wide Stress Test
        • 2016 EU-Wide Stress Test
        • 2015 Comprehensive Assessment
        • 2014 Comprehensive Assessment
        • EBA 2011 EU-wide stress testing exercise
        • CEBS 2010 EU-wide stress testing exercise
    • Macroprudential policy
      • Tools
        • Systemically Important Institutions
        • Countercyclical Capital Buffer
          • CCyB 2025
          • CCyB 2024
          • CCyB 2023
          • CCyB 2022
          • CCyB 2021
          • CCyB 2020
          • CCyB 2019
          • CCyB 2018
          • CCyB 2017
          • CCyB 2016
        • Sectoral Systemic Risk Buffer
        • Borrower-Based Measures
      • Reciprocity
    • Crisis management
    • Financial Stability Notifications and Consultations
  • Payments
    • Payment Systems
      • TARGET2
      • TARGET2-Securities
      • MTEUROPAY
      • Malta Clearing House
    • Regulation
      • Payment Services Directive (PSD)
      • The Single Euro Payments Area (SEPA)
      • Interchange Fee Regulation (IFR)
      • Cross-Border Payments Regulation (CBPR)
    • International Bank Account Number (IBAN)
    • Oversight
      • Financial Market Infrastructures (FMIs)
      • Cyber Resilience Monitoring
      • Payment System Approval
    • Payments Data Collection
    • Digital Euro
    • Complaints process in respect of payment service providers
  • Market Operations
    • Malta Government Stocks
      • Weekly Bulletin Report
      • MGS Time Series
      • Malta Government Stocks - Archive
    • Market Data
      • Weekly CBM MGS Turnover
      • Weekly Malta Government Treasury Bills Report
    • Treasury Bills
      • Treasury Bills - Archive
    • Money Market Reports
      • Money Market Reports - Archive
    • Legal opinions on enforceability of master agreements
  • Currency
    • Euro Banknotes
      • Counterfeit notes
      • Damaged Notes
      • The Europa series €100 and €200 banknotes
      • The Europa series €50 banknote
      • The Europa series €20 banknote
      • The Europa series €10 banknote
      • The Europa series €5 banknote
    • Euro Coins
    • Numismatic Issues
      • All Products
        • Auberge de Provence
        • Europa Programme 2013 with the theme 'European Writers' - Dun Karm Psaila
        • The Picciolo
        • Grand Master Emmanuel Pinto
        • Europa Programme 2012 with the theme 'European Artists' - Antonio Sciortino (1879-1947)
        • Europa Programme 2011 with the theme 'Explorers' - Phoenician explorers
        • Europa Programme 2010 with the theme of 'Cultural Heritage' - Auberge d'Italie
        • Europa Programme 2009 with the theme of 'Cultural Heritage' - Castellania
        • Europa Programme 2008 with the theme of 'Cultural Heritage' - Auberge de Castille
        • Europa Programme 2007 with the theme 'European Realisation' - Grand Master Jean de La Valette
        • Distinguished Maltese personalities series -Temi Zammit (1864-1935)
        • Distinguished Maltese personalities series - Giuseppe Calì (1846-1930)
        • EU accession
        • Distinguished Maltese personalities series - Sir Adriano Dingli (1817-1900)
        • Distinguished Maltese personalities series - Nicolò Isouard (1775-1818)
        • Royal Mint Precious Fine Gold Collection - Xprunara
        • Distinguished Maltese personalities series - Enrico Mizzi (1885-1950)
        • Millennium Coin
        • 300th Anniversary of the death of painter Mattia Preti
        • 200th Anniversary of the Revolt against the French
        • 30th Anniversary of the Central Bank of Malta
        • UNICEF For the Children of the World
        • 50th Anniversary of the United Nations
        • 25th Anniversary of the Central Bank of Malta
        • 50th Anniversary of the award of the George Cross to Malta
        • Save the Children Fund
        • 20th Anniversary of the EEC-Malta Association Agreement
        • Visit of HH Pope John Paul II to Malta
        • 25th Anniversary of Malta's Independence
        • Malta Maritime History set - Dwejra II
        • Malta Maritime History set - Valetta City
        • Malta Maritime History set - L'Isle Adam
        • Malta Maritime History set - Wignacourt
        • Malta Maritime History set - Tigre
        • Malta Maritime History set - Strangier
        • Malta Maritime History set - Providenza
        • Sir Paul Boffa
        • Europa Programme 2014 with the theme 'European Composers' – Maestro Charles Camilleri
        • The Zecchino
        • 1st series - Manwel Dimech
        • 1st series - Fort St Angelo
        • 1st series - Kenur, stone stove
        • 1st series - Merill, Malta's national bird
        • 1st series - Statue of Neptune
        • 2nd series - Temi Zammit
        • 2nd series - Mdina Gate
        • 2nd series - Gardjola
        • 2nd series - Dolphin fountain, Floriana
        • 2nd series - Auberge de Castille
        • 3rd series - Giovanni Francesco Abela
        • 3rd series - Notre Dame Gate
        • 3rd series - Centaurea, Malta's national flower
        • 3rd series - Gozo boat
        • 3rd series - First Maltese coin
        • 4th series - Old Arms - Alfons Maria Galea
        • 4th series - Old Arms - St Agatha's Tower
        • 4th series - Old Arms - Maltese falcon
        • 4th series - Old Arms - Fresh water crab
        • 4th series - Old Arms - Stone balcony
        • 5th series - Ġużè Ellul Mercer
        • 5th series - Fort Manoel Gate
        • 5th series - Butterfly
        • 5th series - Storm Petrel
        • 5th series - Maltese door knocker
        • 6th series - Maltese dog
        • 6th series - Sir Luigi Preziosi
        • 6th series - Xarolla windmill
        • 6th series - First Gozo coin
        • 6th series - Mnara
        • 6th series - Les Gavroches bronze sculpture
        • End of military facilities
        • FAO World Food Day
        • UNICEF Year of the Child
        • International Year of Disabled Persons
        • FAO First World Fisheries Conference
        • UN Decade for Women
        • Malta Maritime History set - Malta
        • Malta Maritime History set - Maria Dacoutros
        • Malta Maritime History set - Tagliaferro
        • Malta Maritime History set - Knight of Malta
        • Malta Maritime History set - Saver
        • 20th Anniversary of the Central Bank of Malta
        • 400th Anniversary of the University of Malta
        • World Cup
        • Schooner 'Valletta' ship and explorer
        • 50th Anniversary of the United Nations
        • Olympic Games
        • 430 years in defence of Christian Europe
        • First World War Centenary
        • Auberge d'Aragon
        • 1st series - Hand holding flaming torch with map of Malta in the background
        • 1st Anniversary of Republic
        • Malta Independence 50th Anniversary
        • 40th Anniversary of the Republic of Malta
        • 400th Anniversary of the Wignacourt Aqueduct
        • One-third farthing
        • 450th Anniversary of the Great Siege of Malta
        • Auberge de Bavière
        • Pope John Paul II
        • Bush-Gorbachev Malta Summit
        • Modern 20th century 'Dangerous Sport' - Antonio Sciortino
        • 450th anniversary of the foundation of Valletta
        • 100th Anniversary of the birth of Dom Mintoff
        • Patakka
        • Malta’s Presidency of the European Council of the European Union
        • Argotti Botanical Gardens Conservatory
        • The Santa Marija Convoy and the George Cross Award
        • 70th Anniversary of Women’s Voting Rights
        • Maritime Aviation Medal
        • The Baptism of Christ
        • 50th Anniversary of the Central Bank of Malta
        • Ten years of the euro in Malta
        • Valletta European Capital of Culture 2018
        • Melita bullion coins 2018
        • Gran Carracca Sant’Anna of the Order of St John
        • The Sette Giugno Riots Centenary
        • L'Isle Adam Graduals
        • 250th Anniversary of Beethoven's Birth
        • 250th Anniversary of the University of Malta
        • 550th Anniversary of Albrecht Dürer's Birth
        • 25th Anniversary of Junior College
        • 225th Anniversary of the Bibliotheca Building
        • €2 Commemorative - 10th Anniversary EMU
        • €2 Commemorative - First Elected Representatives 1849
        • €2 Commemorative - 10 Years of the Euro
        • €2 Commemorative - Majority Representation 1887
        • €2 Commemorative - Self-government 1921
        • €2 Commemorative - Malta Police Force Bicentenary
        • €2 Commemorative - Independence 1964
        • €2 Commemorative - Republic 1974
        • €2 Commemorative - Centenary of the first flight from Malta
        • €2 Commemorative - 30th Anniversary of the EU Flag
        • €2 Commemorative - Ġgantija Temples
        • €2 Commemorative - Solidarity through Love
        • €2 Commemorative - Ħaġar Qim Temples
        • €2 Commemorative - Peace
        • €2 Commemorative - Mnajdra Temples
        • €2 Commemorative - Cultural Heritage
        • €2 Commemorative - Nature and Environment
        • €2 Commemorative - Ta' Skorba Temples
        • €2 Commemorative - Games
        • €2 Commemorative - Heroes of the Pandemic
        • 50th Anniversary Independence of Malta (Silver Coin & Stamp Set)
        • Jean de la Valette Medal
        • 100th Anniversary End of World War I - Philatelic numismatic cover
        • Dated Set 2023
        • Dated Set 2022
        • Dated Set 2021
        • Dated Set 2020
        • Dated Set 2019
        • Dated Set 2018
        • Dated Set 2017
        • Dated Set 2016
        • Dated Set 2015
        • Dated Set 2014
        • Dated Set 2013
        • Dated Set 2012
        • Dated Set 2011
        • Dated Set 2008
        • Dated Set 2007
        • Dated Set 2006
        • Dated Set 2005
        • 100th Anniversary of the 1921 Self-Government Constitution
        • €2 Commemorative Coin - Tarxien Temples
        • 500th Anniversary of the Circumnavigation of the Globe
        • 150th Anniversary of Agostino Levanzin's Birth
        • 200th Anniversary of Louis Pasteur's Birth
        • €2 Commemorative Coin - Ħal Saflieni
        • €2 Commemorative Coin - 35th Anniversary of the Erasmus Exchange Programme
        • €2 Commemorative Coin - United Nations Security Council Resolution on Women Peace & Security
        • 100th Anniversary of the First Performance of the 'Innu Malti'
        • 75th Anniversary of the Malta National Band Club Association
        • 150th Anniversary of John Borg's Birth
        • 175th Anniversary of Juan Bautista Azopardo's Death
        • Melita bullion coin 2023
        • €2 Commemorative Coin - Birth of Nicolaus Copernicus
        • €2 Commemorative Coin - Napoleon Bonaparte and the French in Malta
        • Marco Polo's 700th Anniversary
        • Malta on the United Nations Security Council
        • €2 Commemorative Coin - Maltese Walled Cities - Ċittadella Gozo
        • Dated Set 2024
        • Maltese Walled Cities - Ċittadella Gozo
        • €2 Commemorative Coin - Indigenous Species - Maltese Honey Bee
        • 50th Anniversary of the Republic of Malta
        • The Malta Railway
        • €2 Commemorative Coin - Maltese Walled Cities - Mdina
        • Maltese Walled Cities - Mdina
        • Dated Set 2025
        • €2 Commemorative Coin - The Maltese Ox
        • Joseph Mallord William Turner
        • €2 Commemorative Coin - Valletta
        • Maltese Walled Cities - Valletta
        • Dated Set 2026
        • €2 Commemorative Coin - Il-Kelb tal-Fenek
        • 25th Anniversary of the Malta International Fireworks Festival
      • Gold
      • Silver
      • Other Metals
      • Annual Coin Programmes
    • Legal Framework
    • Final Withdrawal of Maltese Lira
    • Currency Museum
      • Timeline Coins
      • Timeline Banknotes
      • Coinage in Malta Exhibition 2023
    • Banknote Authenticity Training for Retailers
  • Statistics
    • Monetary and Banking
    • Investment Funds
      • Newsletters Archive
    • Insurance Undertakings
    • Pension Funds/Schemes
    • Financial Vehicle Corporations
    • Consolidated balance sheet of the Other Financial Institutions sector based on statistical principles
    • Interest Rates and Other Key Financial Market Rates
    • Securities Issues
    • Financial Accounts
    • Distributional Wealth Accounts
    • Government Finance
    • Financial Soundness Indicators
    • External Statistics (BOP/IIP, Reserves, Trade, External Debt)
      • Official Reserve Assets
        • Official Reserve Assets - Methodological Notes
      • Template on International Reserves and Foreign Currency Liquidity Data
        • Templates 2018-2022
        • Templates 2013-2017
        • Templates 2008-2012
      • Template on International Reserves and Foreign Currency Liquidity - Methodological Notes
    • Payments Statistics
    • Real Economy Indicators
    • Special Data Dissemination Standard Plus (SDDS+)
    • Statutory returns, report forms and instructions
      • Repealed Templates and Returns
    • Advance Release Calendar
    • Related links
    • FAQs - Statistics
    • Classifications
    • INFOSTAT Respondents Portal
      • Automated Support
    • Central Credit Register
      • The implementation of the Central Credit Register (CCR) Version 2 Project
      • Central Credit Register (CCR) Extract Request Form
      • The implementation of the Central Credit Register (CCR) Version 2 Project - Technical Documentation
    • The implementation of the ECB’s AnaCredit Regulation in Malta
    • Circulars
  • Economic analysis and research
    • Surveys
      • Household Finance and Consumption Survey
    • Dashboards
    • In-House Economic Indicators
      • Business Conditions Index
      • Economic Policy Uncertainty Index
      • Real-Time GDP Database
      • Historical Annual Database
    • Economic models
      • STREAM
      • MEDSEA
      • MaCGE-MOD – The First Computable General Equilibrium Model for Malta
      • Nowcasting and short-term forecasting
    • Ph.D. Internship Programme
  • Regulatory Compliance
    • Legal Department
      • Local and EU Legislation
    • Code of Ethics and other policies
    • Data Protection
    • Freedom of Information
  • Subscribe
    • Manage subscription
  • Media
    • Media Insights
      • Articles
        • Articles 2025
        • Articles 2024
        • Articles 2023
        • Articles 2022
      • Interviews
        • Interviews 2025
        • Interviews 2024
        • Interviews 2023
      • Governors' Speeches
    • Social Media
  • The Library
    • Library Rules
    • Library Search
    • Ask a Librarian
    • Book Purchase Request
  • Contact Us
    • Postal Address & Locations
  • Exchange rates
    • Other indicative foreign exchange rates
    • Average exchange rates
    • Historic exchange rates
      • CBM middle exchange rates by date
      • CBM middle exchange rates by currency
  • Publications & Research
    • All Publications & Research
      • All Publications & Research Archive
        • All Publications & Research 2025
        • All Publications & Research 2024
        • All Publications & Research 2023
        • All Publications & Research 2022
        • All Publications & Research 2021
        • All Publications & Research 2020
        • All Publications & Research 2019
        • All Publications & Research 2018
        • All Publications & Research 2017
        • All Publications & Research 2016
        • All Publications & Research 2015
        • All Publications & Research Pre-2015
    • Annual Report
      • Archive of Annual Reports
        • Annual Report 2025
        • Annual Report 2024
        • Annual Report 2023
        • Annual Report 2022
    • Quarterly Review
      • Quarterly Review Archive
        • Quarterly Reviews 2026
          • Quarterly Review 2026:1
          • Quarterly Review 2026:2
        • Quarterly Reviews 2025
          • Quarterly Review 2025:3
          • Quarterly Review 2025:2
          • Quarterly Review 2025:1
        • Quarterly Reviews 2024
          • Quarterly Review 2024:4
          • Quarterly Review 2024:3
          • Quarterly Review 2024:2
          • Quarterly Review 2024:1
        • Quarterly Reviews 2023
          • Quarterly Review 2023:4
          • Quarterly Review 2023:3
          • Quarterly Review 2023:2
        • Quarterly Reviews 2022
        • Quarterly Reviews 2021
        • Quarterly Reviews 2020
        • Quarterly Reviews 2019
        • Quarterly Reviews 2018
        • Quarterly Reviews 2017
        • Quarterly Reviews 2016
        • Quarterly Reviews 2015
        • Quarterly Reviews 2014
        • Quarterly Reviews 2013
        • Quarterly Reviews 2012
        • Quarterly Reviews 2011
        • Quarterly Reviews 2010
        • Quarterly Reviews 2009
        • Quarterly Reviews 2008
        • Quarterly Reviews 2007
        • Quarterly Reviews 2006
        • Quarterly Reviews 2005
        • Quarterly Reviews 2004
        • Quarterly Reviews 2003
        • Quarterly Reviews 2002
        • Quarterly Reviews 2001
        • Quarterly Reviews 2000
    • Financial Stability Report
      • Archive of Financial Stability Reports
        • Interim FSR 2025
        • FSR 2024
        • Interim FSR 2024
        • FSR 2023
        • Interim FSR 2023
        • FSR 2022
    • Economic Update
      • Economic Update Archive
        • Economic Update 2025
        • Economic Update 2024
        • Economic Update 2023
        • Economic Update 2022
        • Economic Update 2021
        • Economic Update 2020
        • Economic Update 2019
        • Economic Update 2018
        • Economic Update 2017
        • Economic Update 2016
        • Economic Update 2015
        • Statistical Releases 2014
        • Statistical Releases 2013
        • Statistical Releases 2012
        • Statistical Releases 2011
        • Statistical Releases 2010
    • Outlook for the Maltese Economy
      • Outlook for the Maltese Economy Archive
        • Archive 2012-2024
    • CBM Business Dialogue
      • Archive
    • Research Bulletin
      • Archive
    • Climate-Related Financial Disclosures
    • Working Papers
      • Working Papers 2025
      • Working Papers 2024
      • Working Papers 2023
      • Working Papers 2022
      • Working Papers 2021
      • Working Papers 2020
      • Working Papers 2019
      • Working Papers 2018
      • Working Papers 2017
      • Working Papers 2016
      • Working Papers 2015
      • Working Papers Pre-2015
    • Policy Notes
      • Policy Notes 2025
      • Policy Notes 2024
      • Policy Notes 2023
      • Policy Notes 2022
      • Policy Notes 2021
      • Policy Notes 2020
      • Policy Notes 2019
      • Policy Notes 2018
      • Policy Notes 2017
      • Policy Notes 2016
      • Policy Notes 2015
    • Discussion Papers
      • Discussion Papers 2025
    • Analytical Article Series
      • Economy
    • Staff Insights
      • Economy
      • Statistics
      • Markets
      • Staff Insights Archive
        • Staff Insights 2025
        • Staff Insights 2024
        • Staff Insights 2023
        • Staff Insights 2022
        • Staff Insights 2021
        • Staff Insights 2020
        • Staff Insights 2019
        • Staff Insights 2018
        • Staff Insights 2017
        • Staff Insights 2016
        • Staff Insights 2015
        • Staff Insights Pre-2015
    • External Publications
      • External Publications Archive
        • External Publications 2026
          • A Heterogeneous Agent New Keynesian Model of Search Frictions and Public Sector Employment
          • Fiscal drag in theory and in practice: A European perspective
          • Details Matter: Loan pricing and transmission of monetary policy in the euro area
          • 8 Years of Growth: The impact of the film industry in Malta
        • External Publications 2025
          • Digitalisation, social media and bank deposit dynamics: evidence from the recent euro area monetary tightening
          • The ESCB forecasting models: what are they and what are they good for?
          • The illusion of golden slumbers: geopolitical turbulence and the shifting link between gold and interest rates
          • Fiscal drag in theory and in practice: A European perspective
          • Details matter: loan pricing and transmission of monetary policy in the euro area
          • Report on monetary policy tools, strategy and communication
          • A strategic view on the economic and inflation environment in the euro area
          • Household wealth: A regional analysis for Malta and Gozo using the HFCS
          • The great supply shock and the euro area, viewed through a suite of supply indices
        • External Publications 2024
          • Using structural models to understand macroeconomic tail risks
          • The impact of Malta's Tapering of Benefits scheme on employment outcomes
          • Mortgages, house prices, and business cycle dynamic: A medium-run exploration using the continuous wavelet transform
          • Wealth inequality and the distributional effects of maximum loan-to-value ratio policy
          • Estimates of the exchange rates pass-through to consumer prices in Malta
          • Educational attainment and gender gaps in the Maltese labour force
          • Banking on resilience: EU macroprudential policy and systemic risk
        • External Publications 2023
          • Housing boom-bust cycles and asymmetric macroprudential policy
          • Loan-to-value limits as a macroprudential policy tool: Developments in theory and practice
        • External Publications 2022
          • The Euro Area’s pandemic recession: A DSGE-based interpretation
          • Minimum Income Required to Purchase a Property: Conceptual Framework and Application to Malta
          • The Annual Malta Residential Rental Study: Second Edition
          • An Analysis of The Shadow Economy in Malta: A Currency Demand and MIMIC Model Approach
        • External Publications 2021
          • The Long-Lasting Legacy of Rent Controls: Perspectives on the Private Rental Market in Malta within the Context of a Dual Market
          • Optimal factor taxation in a scale free model of vertical innovation
          • Well-being disparities during the COVID-19 outbreak: Evidence from Malta
          • The Shifting Structure of the Maltese Economy: Evidence from Chain-Linked Data
          • A hedonic assessment of the relative importance of structural, locational and neighbourhood factors on advertised rents in Malta
          • An analysis of the distribution and price determinants of Airbnb rentals in Malta
        • External Publications 2020
          • The Determinants of Well-Being During a Time of Economic Growth: The Case of Selected European Union Member States
          • The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework between the first quarter of 2018 and the fourth quarter of 2019
          • How do estimates of inflation persistence in Malta compare with other EU countries?
          • Real convergence in Malta and in the EU countries after the financial crisis
          • Optimal Factor Taxation in a Scale Free Model of Vertical Innovation
          • Are the European Commission’s Business and Consumer Survey Results Coincident Indicators for Maltese Economic Activity?
          • Measuring the effects of structural reforms in Malta
        • External Publications 2019
          • The evolution of Malta's Tourism Sector
          • Population Projection Revisions and Their Impact on Economic Growth – The Case of Malta
          • Comparing Fiscal Consolidation Multipliers across Models in Europe
          • Understanding low wage growth in the euro area and European countries
          • Income and Wealth Inequality in Malta
          • Wealth Effects on Consumption in Malta: Evidence from Household Level Data
          • SMEs as drivers of economic growth: The case of Malta
          • A reassessment of external demand’s contribution to Malta’s economic growth
          • Time variation, asymmetry and threshold effects in Malta's Phillips curve
          • Estimates of input-output multipliers for the Maltese economy based on the symmetric input-output table for 2010
          • From a deficit to a surplus country – The case of Malta
        • External Publications 2018
          • Constructing an index to examine house price misalignment with fundamentals in Malta
          • Structural policies in the euro area
          • About Local Projection Impulse Response Function Reliability
          • What makes pension reforms sustainable?
          • Estimating the impact of structural reforms to increase the female participation rate in Malta
          • Fiscal compact and debt consolidation dynamics
          • Constructing a Financial Condition Index for a small-open economy: The case of Malta
        • External Publications 2017
          • Did Malta’s accession to the EU raise its potential growth? A focus on the foreign workforce
          • Empirical estimates of Okun’s law in Malta
          • Comparing state pension reforms in EU countries before and after 2008
          • A sectoral supply-side model to assess the impact of labour market reforms in Malta
          • The impact of pension age changes - The case of Malta
          • Low inflation in the euro area: causes and consequences
        • External Publications 2016
          • Determinants of labour productivity in Malta: Evidence from a Firm-level Survey
          • Sectorial ULCs as Measures of Competitiveness: An Analysis of Southern Euro Area Economies
          • Drivers of low inflation in Malta after the crisis
          • The role of asymmetries and banking sector indicators in the interest rate pass-through in Malta
          • Labour market modelling in the light of the financial crisis
          • The adjustment of Maltese firms to the post-crisis economic environment: evidence from a firm-level survey
          • A multivariate filter to estimate potential output and NAIRU for the Maltese economy
          • Saving and investment behaviour in the euro area
        • External Publications 2015
          • Results of the 2014 Wage Dynamics Network for Malta
          • The social sustainability of pensions in Europe
          • Pension reforms in the 1990s and during the financial crisis: More of the same?
          • Assessing the impact of the reforms in Europe on the sufficiency of pensions
          • Public debt, population ageing and medium-term growth
          • Structural changes in the Maltese economy
          • Pension reforms since the financial crisis could have a serious impact on the future retirement incomes of young Europeans
          • Assessing potential output growth of the Maltese economy using a production function approach
          • The financial crisis and differences in state pension generosity across EU countries
          • Convergence or divergence? How the financial crisis affected European pensioners
          • Pension policy design changes in EU countries since the mid-1990s
          • Comparing fiscal multipliers across models and countries in Europe
          • Evaluating the possible impact of pension reforms on elderly poverty in Europe
          • Analysing correlation between the MSE index and global stock markets
        • External Publications Pre-2015
          • Introducing explicit pension age changes as in the UK is not the end of the line (2014)
          • The demand for currency in Malta (2014)
          • Assessing the sustainability of pension reforms in Europe: A pension wealth approach (2014)
          • British tourism demand elasticities in Mediterranean countries (2014)
          • French and German tourism in the Mediterranean - A market share analysis (2014)
          • A reassessment of the sustainability of pension reforms in Europe (2014)
          • Pension policy design: The core issues (2014)
          • Reforms across Europe linking pension benefits to contributions may push some elderly into poverty (2013)
          • Assessing the sustainability of pension reforms in Europe (2013)
          • Adapting the Hodrick-Prescott filter for very small open economies (2013)
          • Pension reform sustainability in the EU: A pension wealth-based framework (2013)
          • How best to measure pension adequacy (2013)
    • Miscellaneous Reports & Publications
    • Books
    • Workshops & Conferences
      • ARW 2024 Presentations
    • CBM Researchers
      • Aaron George Grech
      • Abigail Marie Rapa
      • Andrew Spiteri
      • Angelica Gennaro
      • Annaliese Mifsud
      • Antonella Sciberras
      • Christian Mamo
      • Christine Borg
      • Eliza Farrugia
      • Francesco Ricciutelli
      • Germano Ruisi
      • Glenn Abela
      • Ian Borg
      • Ian Debattista
      • Jessica Pace
      • John Farrugia
      • Josette Grech
      • Kimberley Charlie Agius
      • Kristen Carabott
      • Kurt Sant
      • Laura Bigeni
      • Luana Camilleri
      • Liam Micallef
      • Lynn Cumbo
      • Maria Christine Saliba
      • Maria Micallef
      • Massimo Giovannini
      • Matteo Panfilo
      • Natalia Bezzina Maltseva
      • Nathaniel Debono
      • Noel Rapa
      • Owen Grech
      • Sandra Zerafa
      • Sarah Axiaq
      • Sarah Spiteri
      • Shaun Zaffarese
      • Silvio Galea
      • Stefan Scerri
      • Tiziana Marie Gauci
      • Umberto Collodel
      • Valentina Antonaroli
      • Valerio Sergio Castaldo
      • Warren Deguara
      • Wendy Zammit
  • CBM Events
    • Events 2025
    • Events 2024
    • Events 2023
    • Events 2022
    • Events 2021
    • Events 2020
    • Events 2019
    • Events 2018
    • Events 2017
    • Events 2016
  • CBM Fund
  • External Links
  • Credit Reference Agencies
    • Register of Credit Reference Agencies
      • Creditinfo Malta Limited
      • Malta Credit Bureau Limited
  • Coronavirus (COVID-19) Updates
  • Protect Yourself from Fraudulent Activity
  • News
  • Disclaimer & Copyright
  • Data Protection Privacy Statement
  • Cookie Declaration
  • Accessibility