Blog post
10 September 2018
The increase in the spread between Italian (BTP) and German (Bund) government securities is directly an additional burden for Italy public finance, an
Policy brief
06 September 2018
This Policy Contribution looks at the evolution of public debt in Belgium and Italy since 1990 and uses the debt dynamics equation to explain the cont
Opinion piece
29 August 2018
The ECB should refine its collateral framework in order to continue protecting its balance sheet without putting at risk the safe-asset status of sove
Blog post
08 June 2018
Central banks’ collateral frameworks play an important role in defining what is considered as a safe asset. However, the ECB’s framework is unsatisfac
Blog post
31 May 2018
The economic agenda of Italian populists is likely to exacerbate rather than alleviate Italy’s longstanding problems. But the piecemeal, small-step ap
Blog post
28 May 2018
The European Commission is pushing to create a synthetic euro-area-wide safe asset in the form of sovereign bond-backed securities (SBBS). However, SB
Opinion piece
28 May 2018
Political backlash to slow growth and immigration has produced the least cooperative government imaginable in Italy, a coalition between the left-popu
Blog post
22 May 2018
Argentina has abruptly called on the International Monetary Fund for financial help, amid currency pressures. We review recent economists’ position on
Blog post
04 May 2018
When thinking about what will determine the prosperity and well-being of citizens living in the euro area, five issues are central. This column, part
Blog post
26 April 2018
The Italian debate on the pension system predominantly focuses on short-term aspects, neglecting relevant longer-term fundamentals. Based on long-term
Working paper
26 April 2018
Since the financial crisis, EU countries' economies have recovered to the point that they are exiting their adjustment programmes. Institutional stabi
Opinion piece
19 April 2018
Deposit insurance, like any insurance scheme, raises moral hazard concerns.
Blog post
28 February 2018
While the prospect of a gridlock reassured investors about the short-term risk of an anti-establishment government, Italy still needs a profound econo
Policy brief
18 January 2018
The resolution of non-performing loans (NPLs), a stock of roughly €870 billion in the EU banking industry, is central to the recovery of Europe’s bank
External publication
17 January 2018
This publication proposes six reforms to improve the Eurozone’s financial stability, political cohesion, and potential for delivering prosperity.
Blog post
07 December 2017
The past crisis revealed that most euro-area banks have disproportionate sovereign exposure in their home country. Charging banks for sovereign concen