doi:10.1016/j.jimonfin.2023.102992engArghyrou, Michael G.Gadea, María-DoloresKontonikas, AlexandrosPrivate bank deposits and macro/fiscal risk in the euro-areaART-2024-137659We 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.2024http://zaguan.unizar.es/record/13250110.1016/j.jimonfin.2023.102992http://zaguan.unizar.es/record/132501oai:zaguan.unizar.es:132501info:eu-repo/grantAgreement/ES/MICINN/ECO2017-83255-C3-1-Pinfo:eu-repo/grantAgreement/ES/MINEIC/ECO2017-83255-C3-3-PJournal of International Money and Finance 140 (2024), 102992 [18 pp.]byhttps://creativecommons.org/licenses/by/4.0/deed.esinfo:eu-repo/semantics/openAccess