Blog post
18 October 2016
A framework for thinking about bad loans
An important guiding principle in resolving non-performing loans (NPLs) should be to ensure that viable debt remains serviced, while non-viable debt g
Blog post
18 October 2016
An important guiding principle in resolving non-performing loans (NPLs) should be to ensure that viable debt remains serviced, while non-viable debt g
Blog post
13 October 2016
The European Central Bank has begun to tackle a key symptom of banking sector fragility with its proposed guidelines on banks’ management of non-perfo
Opinion piece
30 September 2016
Die EZB reagiert mit ihrer Geldpolitik nur auf die schwache wirtschaftliche Lage. Sie ist nicht dafür zuständig, für hohe Renditen europäischer Sparer
Policy brief
26 September 2016
Yields on European sovereign bonds have reached historically low levels in 2016. This secular decline in long-term sovereign yields is not limited to
Blog post
26 September 2016
What’s at stake: This week saw two important Central Banks’ meetings, whose outcomes could hardly be more different. While the U.S. Federal Reserve le
Blog post
05 September 2016
What’s at stake: this year’s edition of the Jackson Hole symposium was awaited as an occasion to discuss how to redesign monetary policy for the futur
Blog post
22 August 2016
What’s at stake: As we approach Jackson Hole, monetary policymakers are considering how to redesign monetary policy strategies to better cope with a l
Podcast
12 August 2016
Many in the EU look to the USA as a model for monetary union in the Eurozone. But how easy was it to create such a union, and what can Europe learn f
Blog post
14 July 2016
After a sharp increase in corporate bond issuance following the ECB’s announcement in March this year, corporates continue to respond to the Corporate
Policy brief
23 June 2016
Since the end of 2014, inflation has been at or very close to zero. With very little ability to move the actual interest rate further into negative te
Blog post
16 June 2016
We have observed a sharp increase in corporate bond issuance following the ECB’s announcement in March this year, but it is too early to see the effec
Blog post
14 June 2016
Both the Fed and the ECB have managed to remain credible since the financial crisis, but their credibility levels have evolved differently. Since infl
Blog post
09 June 2016
The Eurosystem’s regular open market operations consist of one-week liquidity-providing operations (MROs), and three-month liquidity-providing operati
Blog post
08 June 2016
The new European banking supervision system is broadly effective and, in line with the claim often made by its leading officials, tough and fair, but
Book
08 June 2016
The Blueprint provides a review of the first 18 months of European banking supervision. It reviews the overall situation and the
situation in a numbe
Blog post
07 June 2016
Clearing houses in the UK operate an extremely sizable market in euro-denominated transactions. However, even though the numbers are big in value term