Monetary policy

Did the 2022 energy inflation surge dent European Central Bank and Fed credibility? Evidence across horizons

Inflation expectations show that the ECB and Fed stayed credible after the 2022 energy shock, despite euro-area short-term weakness and US drift

Leonardo Cadamuro and Francesco Papadia

Should the European Central Bank slow down quantitative tightening?

The ECB could slow down QT in response to currently tight financial conditions, but should communicate its intentions with care

Mahmood Pradhan

The energy shock for which there is no playbook

The US-Iran conflict may be ending but coping with its inflation and fiscal consequences will be challenging for months ahead

Gene Frieda

How can the EU prevent the dollarisation of digital finance?

Jeromin Zettelmeyer

A new strategy to contain stablecoin risks in the European Union

EU reluctance on stablecoins may backfire as US-backed dollar tokens spread, pushing demand offshore and importing dollar risks into Europe

Lucrezia Reichlin, Bo Sangers and Jeromin Zettelmeyer

Money, stablecoins and the dollar

The past, present and future of money

Rebecca Christie, Barry Eichengreen and Lucrezia Reichlin

Ragnar Nurkse and the Making of the Bretton Woods Paradigm

An intellectual biography and analysis of how a little-known Estonian economist developed the authoritative account of the Bretton Woods paradigm

Ivo Maes and Ilaria Pasotti

What will it take to make Japan’s debt sustainable?

Marie-Sophie Lappe

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 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

Sovereign Debt and Fiscal Integration in the European Union

Zsolt Darvas, Lennard Welslau and Jeromin Zettelmeyer