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Economy and Finance

Quarterly Report on the Euro Area (QREA), Vol. 22, No. 3 (2023)


Institutional Paper 267
Publication date
22 December 2023
Directorate-General for Economic and Financial Affairs


This edition analyses three aspects of the possible macroeconomic consequences of the tightening of financing conditions in the euro area following the surge in inflation since mid-2021. First, it investigates banks profits. Second, it examines the vulnerabilities linked to government contingent liabilities related to the banking sector. Finally, it studies how higher interest rates may impact household debt.

Information and identifiers

Institutional Paper 267. July 2023. Brussels. PDF. 58pp. Tab. Graph. Bibliogr. Free.

KC-BC-23-074-EN-N (online)
ISBN 978-92-68-04242-7 (online)
ISSN 2443-8014 (online)
doi:10.2765/85502 (online)

JEL classification : E2, E4, E6, G2, G5, H3, H6


European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commission's Directorate-General for Economic and Financial Affairs, which serve to underpin economic policy-making by the European Commission, the Council of the European Union and the European Parliament. Views expressed in unofficial documents do not necessarily represent the views of the European Commission.


22 DECEMBER 2023
Quarterly Report on the Euro Area (QREA), Vol. 22, No. 3 (2023)
22 DECEMBER 2023
Chapter I. Drivers of bank profitability in the euro area
22 DECEMBER 2023
Chapter II. When it rains, does it still pour? Quantifying contingent fiscal liabilities risks stemming from EU banks in times of severe stress
22 DECEMBER 2023
Chapter III. Euro Area Household Debt
22 DECEMBER 2023
Annex. The euro area chronicle