Monetary policy

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

Euro-area monetary policy in a more shock-prone world

Ravi Balakrishnan

The ECB is not the Fed

What does it mean to be an independent and credible central bank, and how do the Federal Reserve and the European Central Bank stack up?

Rebecca Christie, Francesco Papadia and Lucrezia Reichlin

Debt sustainability analysis with conventional and unconventional monetary policy

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

Why Russia’s economic model no longer delivers

A contracting economy and low oil prices are signs of potential constraint on Russia’s ability to maintain its military capabilities

Benjamin Hilgenstock and Elina Ribakova