We use a panel of ten euro area member states to examine the link between macro/fiscal risk and private bank deposits relative to Germany. Our main findings are summarised as follows: First, the relationship between relative deposits and macro/fiscal risk factors is not stable over time. Second, the significant time variation characterizing this relationship is driven by aggregate EMU-wide macro/fiscal risk conditions. Third, relative deposits in periphery EMU countries are generally more responsive to macro/fiscal risk. Fourth, the ECB’s unconventional monetary policy moderated the effect of the global financial and European debt crises on the relationship between relative deposits and macro/fiscal risk. Our empirical findings can inform the ongoing policy debate regarding the completion of the European Banking Union.

我们利用由十个欧元区成员国组成的小组来研究相对于德国的宏观/财政风险与私人银行存款之间的联系。我们的主要发现总结如下：首先，相对存款与宏观/财政风险因素之间的关系随着时间的推移并不稳定。其次，这种关系的显着时间变化是由欧洲货币联盟范围内总体宏观/财政风险状况驱动的。第三，欧洲货币联盟外围国家的相对存款通常对宏观/财政风险更敏感。第四，欧洲央行非常规货币政策缓解了全球金融和欧债危机对相对存款与宏观/财政风险关系的影响。我们的实证研究结果可以为正在进行的有关欧洲银行联盟的完善的政策辩论提供信息。