• Home
  • Financial Stability
    • Macroprudential analysis and oversight
      • 2021 EU-Wide Stress Test
      • 2018 EU-Wide Stress Test
      • 2016 EU-Wide Stress Test
      • 2015 Comprehensive Assessment
      • 2014 Comprehensive Assessment
      • CEBS 2010 EU-wide stress testing exercise
      • EBA 2011 EU-wide stress testing exercise
      • Stress Tests - Archive
    • Macro-prudential policy
      • Tools
        • Systemically Important Institutions
        • Countercyclical Capital Buffer
          • 2021
          • 2020
          • 2019
          • 2018
          • 2017
          • 2016
        • Sectoral Systemic Risk Buffer
        • Borrower-Based Measures
      • Reciprocity
    • Crisis management
    • Financial Stability Notifications and Consultations
  • Payments
    • 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
    • Retail payment systems and services
  • Currency
    • Euro Banknotes
      • Counterfeit notes
      • Denominations
      • Europa Series
      • Damaged Notes
    • Euro Coins
      • Introduction
      • Common Sides
      • National Sides
      • €2 Commemorative 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
      • Gold, Silver and Other metals
        • Gold
        • Silver
        • Other Metals
      • €2 Commemorative Coins
        • €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
      • Circulation Coins
      • Dated Sets
        • Dated Set 2005
        • Dated Set 2006
        • Dated Set 2007
        • Dated Set 2008
        • Dated Set 2011
        • Dated Set 2012
        • Dated Set 2013
        • Dated Set 2014
        • Dated Set 2015
        • Dated Set 2016
        • Dated Set 2017
      • Coin Programmes
      • Other Products
        • 50th Anniversary Independence of Malta (Silver Coin & Stamp Set)
        • Jean de la Valette Medal
    • Maltese Lira
    • E-Shop
    • Legal Framework
    • Currency Museum
      • Timeline Coins
        • Timeline-Coins-1
      • Timeline Banknotes
    • Final Withdrawal of Maltese Lira
    • Banknote Authenticity Training for Retailers
  • Economic analysis and research
    • Business Conditions Index
    • Household Finance and Consumption Survey
    • Economic Models
      • STREAM
      • MEDSEA
      • MaCGE-MOD – The First Computable General Equilibrium Model for Malta
      • Nowcasting and short-term forecasting
    • Historical Annual Database
    • Economic Time-Series for Research Purposes
    • Sample surveys
    • In-House Economic Indicators
    • Economic Research
      • Workshops
    • Dashboards
    • Surveys
  • Regulatory Compliance
    • Legal Department
      • Local and EU Legislation
    • Code of Ethics and other policies
    • Data Protection
    • Freedom of Information
  • News
  • Subscribe
    • Manage subscription
  • Interest Rates
  • 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
  • The second series of euro banknotes - the 'Europa' series
    • The Europa series €5 banknote
    • Launch of the Europa Series €5 banknote - May 2013
    • ECB Press Conference - 10 January 2013
    • ECB Press Conference - 8 November 2012
    • The Europa series €10 banknote
    • The Europa series €20 banknote
    • The Europa series €50 banknote
  • Media
    • Media Visit Requests
    • Social Media
    • Media Insights
      • Articles
        • Articles 2023
        • Articles 2022
      • Interviews
        • Interviews 2023
  • Publications & Research
    • All Publications & Research
      • Archive
        • 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
    • Quarterly Review
      • Archive
        • Quarterly Review 2024
          • Quarterly Review 2024:1
        • Quarterly Review 2023
          • Quarterly Review 2023:2
        • Quarterly Review 2022
        • Quarterly Review 2021
        • Quarterly Review 2020
        • Quarterly Review 2019
        • Quarterly Review 2018
        • Quarterly Review 2017
        • Quarterly Review 2016
        • Quarterly Review 2015
        • Quarterly Review 2014
        • Quarterly Review 2013
        • Quarterly Review 2012
        • Quarterly Review 2011
        • Quarterly Review 2010
        • Quarterly Review 2009
        • Quarterly Review 2008
        • Quarterly Review 2007
        • Quarterly Review 2006
        • Quarterly Review 2005
        • Quarterly Review 2004
        • Quarterly Review 2003
        • Quarterly Review 2002
        • Quarterly Review 2001
        • Quarterly Review 2000
    • Annual Report
      • Archive of Annual Reports
        • Annual Report 2023
        • Annual Report 2022
    • Financial Stability Report
      • Archive of Financial Stability Reports
        • FSR 2023
        • Interim FSR 2023
        • FSR 2022
    • Outlook for the Maltese Economy
      • Outlook for the Maltese Economy Archive
    • Economic Update
      • Archive
        • 2024
        • 2023
        • 2022
        • 2021
        • 2020
        • 2019
        • 2018
        • 2017
        • 2016
        • 2015
        • 2014
        • 2013
        • 2012
        • 2011
        • 2010
    • CBM Business Dialogue
      • Archive
    • Research Bulletin
      • Archive
    • Climate-Related Financial Disclosures
    • Working Papers
      • 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 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
    • Articles & Boxes
      • Archive
        • Articles & Boxes 2023
        • Articles & Boxes 2022
        • Articles & Boxes 2021
        • Articles & Boxes 2020
        • Articles & Boxes 2019
        • Articles & Boxes 2018
        • Articles & Boxes 2017
        • Articles & Boxes 2016
        • Articles & Boxes 2015
        • Articles & Boxes Pre-2015
    • External Publications
      • Archive
        • External Publications 2024
          • 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
        • External Publications 2021
        • External Publications 2020
        • External Publications 2019
        • External Publications 2018
        • External Publications 2017
          • Empirical estimates of Okun’s law in Malta (2017)
          • Low inflation in the euro area: causes and consequences (2017)
          • The impact of pension age changes - the case of Malta (2017)
          • A sectoral supply-side model to assess the impact of labour market reforms in Malta (2017)
        • External Publications 2016
          • Determinants of labour productivity in Malta: Evidence from a Firm-level Survey (2016)
          • Saving and investment behaviour in the euro area (2016)
          • A multivariate filter to estimate potential output and NAIRU for the Maltese economy (2016)
          • The adjustment of Maltese firms to the post-crisis economic environment: evidence from a firm-level survey (2016)
          • Labour market modelling in the light of the financial crisis (2016)
          • The role of asymmetries and banking sector indicators in the interest rate pass-through in Malta (2016)
          • Drivers of low inflation in Malta after the crisis (2016)
          • Sectorial ULCs as Measures of Competitiveness: An Analysis of Southern Euro Area Economies (2016)
        • External Publications 2015
          • Evaluating the possible impact of pension reforms on elderly poverty in Europe (2015)
          • The social sustainability of pensions in Europe (2015)
          • Pension reforms in the 1990s and during the financial crisis: More of the same? (2015)
          • Assessing the impact of the reforms in Europe on the sufficiency of pensions (2015)
          • Public debt, population ageing and medium-term growth (2015)
          • Structural changes in the Maltese economy (2015)
          • Pension reforms since the financial crisis could have a serious impact on the future retirement incomes of young Europeans (2015)
          • Assessing potential output growth of the Maltese economy using a production function approach (2015)
          • The financial crisis and differences in state pension generosity across EU countries (2015)
          • Convergence or divergence? How the financial crisis affected European pensioners (2015)
          • Pension policy design changes in EU countries since the mid-1990s (2015)
          • Comparing fiscal multipliers across models and countries in Europe (2015)
          • Results of the 2014 Wage Dynamics Network for Malta (2015)
          • Analysing correlation between the MSE index and global stock markets (2015)
        • External Publications Pre-2015
          • A reassessment of the sustainability of pension reforms in Europe (2014)
          • British tourism demand elasticities in Mediterranean countries (2014)
          • Assessing the sustainability of pension reforms in Europe: a pension wealth approach (2014)
          • The demand for currency in Malta (2014)
          • Introducing explicit pension age changes as in the UK is not the end of the line (2014)
          • French and German tourism in the Mediterranean - a market share analysis (2014)
          • Pension policy design: The core issues (2014)
          • Assessing the sustainability of pension reforms in Europe (2013)
          • Adapting the Hodrick-Prescott filter for very small open economies (2013)
          • How best to measure pension adequacy (2013)
          • Pension reform sustainability in the EU: A pension wealth-based framework (2013)
          • Reforms across Europe linking pension benefits to contributions may push some elderly into poverty (2013)
    • Miscellaneous Reports & Publications
    • Workshops & Conferences
    • Books
  • Disclaimer & Copyright
  • Data Protection Privacy Statement
  • Accessibility
  • External Links
  • The Victor Pasmore Gallery
  • Public Consultation
  • Restricted Access
  • Public Lectures and Staff Workshops
    • Public Lectures
      • Public Lectures 2018
    • Staff Workshops
  • Reflecting on Malta’s vocation as a hub for healthcare and medical education 100 years after the end of WWI
  • AnaCredit - Banks
  • Coronavirus (COVID-19) Updates
  • Conferences and Symposia
    • European Investment Bank and Central Bank of Malta Conference: Investment and Investment Finance – the Case of Malta
    • Conferences 2018
      • Joint Central Bank of Malta - Queen Mary University of London conference
      • Central Bank of Malta 50th Anniversary Conference
    • Seminars 2019
      • Joint CBM/BdI Seminar on ‘Big data and machine learning technologies in a Central Bank environment’
  • The Library
    • Library Rules
    • Library Policies
    • Library Search
    • Ask a Librarian
    • Book Purchase Request
    • Library Terms and conditions
  • Credit Reference Agencies
    • Register of Credit Reference Agencies
      • Creditinfo Malta Limited
      • Malta Credit Bureau Limited
  • Central Bank of Malta Fund
  • Governor's Corner
    • Bilateral Courtesy Meeting between Ambassador of Italy H.E. Fabrizio Romano and the Governor
    • Governor's meeting with the Ambassador of Greece H.E. Dimitrios G. Tsoungas
    • Governor's Activities 2021
  • testing 2023
  • Vacancy form
  • SPACE - Study on the Payment Attitudes of Consumers in the Euro area
  • Real Estate
  • Business Dialogue 2021 Vol.1 No.3
  • Business dialogue
  • charts testing
  • Test Yanika
  • Flourish Charts
  • Direct Debits
  • Cookiebot
  • Economic Update 6/22
  • Cookie Declaration
  • Scam Alert
  • Economic Update 2023
  • Video embedding
  • Research
  • Test 2024