Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for…

Co-authored by Chiara Angeloni and Silvia Merler. The current European crisis has shed light on several weaknesses and the institutional incompleteness characterizing the euro area.…

The euro crisis and subsequent policy responses have challenged the assumptions underpinning the euro-area's governance, and the relationship between the European Union's euro and non-euro countries.…

There is a view that the euro crisis is a balance-of-payments crisis at least as much as a fiscal crisis.The balance-of-payments discussion lacks clarity, however.…

This Working Paper sheds light on the link between sovereign and banking risk in the euro zone. It provides an empirical analysis of the impact of…

In this working paper, with a unique data set summarising the quality of rules-based fiscal governance in European Union member states, the authors show that stronger fiscal rules in euro-area members reduce sovereign risk premia, in particular in times of market stress.

There are two possible responses to the Greek debt crisis: ‘Plan A’, continued official lending, for as long as needed, with possible voluntary private sector…

The European Systemic Risk Board (ESRB) and the proposed prevention and correction of macroeconomic imbalances regulation (EIP) are designed to avoid imbalances. However, these instruments…

The Blue Bond proposal, published in May 2010 (Bruegel Policy Brief 2010/03) suggests that sovereign debt in euro-area countries be split into two parts. The…

This background paper describes in detail the assumptions and calculations behind the results presented in Zsolt Darvas, Jean Pisani-Ferry and André Sapir "A comprehensive approach…