The ECB-BIG index: tracking credit conditions in the euro area

Anastasia Allayioti, Paola Di Casola and Giacomo Magistretti

Economic Bulletin Boxes, 2026, vol. 5

Abstract: This box introduces the European Central Bank Broad Intermediation Gauge (ECB-BIG) index, a new indicator designed to provide a timely assessment of intermediation conditions in the euro area. The ECB-BIG index summarises information from a large set of variables covering bank and non-bank credit conditions, and complements indicators of more narrowly defined financial conditions. It also provides insights into the transmission of monetary policy to the real economy by measuring the impact of credit shocks on investment. Currently, the index is signalling a moderate tightening of credit conditions after the start of the war in the Middle East. JEL Classification: C32, E44, G20

Keywords: euro; area; credit; conditions (search for similar items in EconPapers)
Date: 2026-08
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