Public debt

Don’t look only to Brussels to increase the supply of safe assets in the European Union

A sufficient supply of safe assets denominated in euros is critical if the European Union is to achieve a full banking and capital markets union.

Francesco Papadia and Heliodoro Temprano Arroyo

If it doesn’t trade, is it really marketable debt?

Europe’s bond markets are essential infrastructure, just like the power grid.

Rebecca Christie

Europe’s Green Investment Requirements and the Role of NextGenerationEU

The EU countries’ priorities on climate and environmental spending, as reflected in the allocations of the Recovery and Resilience funds are assessed.

Klaas Lenaerts, Simone Tagliapietra and Guntram B. Wolff

Geneva 25: Climate and Debt

Geneva Reports on the World Economy

Jeromin Zettelmeyer

Should the European Union turn to financial markets to finance its programs?

Rebecca Christie

Greeniums in sovereign bond markets

In this paper, we analyse whether green sovereign bonds are systematically priced differently to conventional sovereign bonds in the secondary markets

Monika De Ridder (Grzegorczyk) and Guntram B. Wolff

Shinzo Abe’s economic legacy: a glass half full

Abenomics has fallen short in many ways, but Japan has still largely coped with an aging society while maintaining a high level of income equality.

Alicia García-Herrero

Debt-for-Climate Swaps: Analysis, Design, and Implementation

This paper compares debt-for-climate swaps to alternative fiscal support instruments.

Marcos Chamon, Erik Klok, Vimal V Thakoor and Jeromin Zettelmeyer

How rate increases could impact debt ratios in the euro area’s most-indebted countries

Debt-to-GDP ratios should continue to fall in euro-area countries despite rising interest rates, post 2023 the situation might vary across countries

Grégory Claeys and Lionel Guetta-Jeanrenaud

A new European tool to deal with unjustified rising spreads

The ECB needs a new tool to prevent the current rise in spreads, triggered by monetary policy tightening, from escalating into a new euro-area crisis.

Grégory Claeys and Maria Demertzis

Sovereign Debt Sustainability and Central Bank Credibility

This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates.

Tim Willems and Jeromin Zettelmeyer

EU borrowing—time to think of the generation after next

Financing post-pandemic recovery via EU borrowing has proved remarkably straightforward. So why keep it temporary?

Grégory Claeys, Rebecca Christie and Pauline Weil

The Global Gateway: a real step towards a stronger Europe in the world?

Disappointment at the lack of fresh cash from European Union global connectivity strategy is short-sighted: Europe supports global development more th

Simone Tagliapietra

The future of the stability and growth pact

Testimony given to a Tweede Kamer der Staten-Generaal roundtable discussion on the future of the stability and growth pact.

Guntram B. Wolff

Next Generation EU borrowing: a first assessment

What is new about NGEU is not just the increase in the EU’s borrowing power, but also the nature of the expenditure.

Grégory Claeys, Rebecca Christie and Pauline Weil