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www.ecb.europa.eu©Contributiontopanelon"Inflation–ChallengesforPolicymakersandResearchers"PhilipR.LaneMemberoftheExecutiveBoard29August20242024CEBRAAnnualMeetingFrankfurtamMain0Rubricwww.ecb.europa.eu©01234567820202021202220232024APPPEPPTLTROs23-Aug-24PolicypathPolicyratepathandrisk-freecurve(percentagesperannum)Sources:BloombergandECBcalculations.Notes:Thecut-offdatesforthedatausedforthe€STRforwardcurvesare17December2021,16December2022,15September2023,and27August2024.Slopeoftherisk-freeyieldcurve(percentagepoints)EvolutionofEurosystembalancesheet(trillionEUR)Sources:BloombergandECBcalculations.Notes:Theslopeoftherisk-freeyieldcurveiscalculatedasthedifferencebetweenthe10yandthe2yOISrates.Latestobservations:27August2024.Sources:ECBcalculations.Notes:Purchaseprogrammesarebasedonbookvalueatamortisedcost.Latestobservations:23August2024.-1-0.500.511.520192021202310Y-2Y27-Aug-24-1.0-0.50.00.51.01.52.02.53.03.54.04.5202220232024202520262027RealisedDFRDec2021Dec2022Sep2023Latest1Rubricwww.ecb.europa.eu©FinancialtransmissionBanklendingratestofirmsandhouseholds,plusbankfundingcosts(percentagesperannum)Sources:ECB(BSI,MIR,MMSR)andECBcalculations.Notes:Theindicatorforthetotalcostofborrowingforfirmsandhouseholdsarecalculatedbyaggregatingshort-termandlong-termratesusinga24-monthmovingaverageofnewbusinessvolumes.Theban...