European central bank

Can US banks have it all? Liquidity in times of ample reserves

An outline plan to reduce stigma associated with short-term borrowing from the Federal Reserve may be doing banks too many favours

Uuriintuya Batsaikhan

The real justification for the digital euro? Monetary sovereignty

The best argument for the digital euro is to discourage ghosts of the euro crisis from returning to haunt Europe

Rebecca Christie

EU securitisation needs a more market-based approach

The EU is updating its regulations on securitisation, but it still has a long way to go if it wants to emulate the strengths of the US market

Rebecca Christie

The European Union should embrace decentralised finance and make it safe

A hybrid system with a digital euro and regulated private money would safeguard the EU from dollar-denominated stablecoin dominance

Lucrezia Reichlin

Rules, discretion and market stabilisation in the euro area

Zsolt Darvas and Francesco Papadia

Debt sustainability analysis with conventional and unconventional monetary policy

Enrique Alberola-Ila, Gong Cheng, Andrea Consiglio and Stavros Zenios

When Greece was on the brink of euro exit: disaster averted, lessons learned

There are good arguments for greater European integration, but it must be built on trust, not spun out of crisis

Marco Buti, Klaus Regling and Thomas Wieser

The EU’s capital markets quest

Enrico Letta and Nicolas Véron discuss prospects for common EU financial supervision

Rebecca Christie, Enrico Letta and Nicolas Véron

Digital euro: why now and what's next

ECB’s Cipollone and Spain’s Hernández de Cos talk timing and strategic arguments for a new Central Bank Digital Currency

Rebecca Christie, Piero Cipollone and Pablo Hernández de Cos

Accidental Neoliberalism: Democratic Accountability in the Making of the Euro, 1957–92

Emmanuel Mourlon-Druol

Lessons for the European Central Bank from the 2021-2023 inflationary episode

This paper reflects on these developments ahead of the ECB’s 2025 monetary policy review

Pablo Hernández de Cos

What can central banks do to take the Paris Agreement seriously?

Central banks should take a macro approach to managing system-wide risks stemming from the climate transition

Dirk Schoenmaker and Hesse McKechnie

The European Central Bank’s operational framework and what it is missing

This paper attempts to fill in the gaps in the European Central Bank's framework review

Giulia Gotti and Francesco Papadia