Policy brief
28 September 2017
A European perspective on overindebtedness
The sequence of crisis and policy responses after mid-2007 was a gradual recognition of the unsustainability of the euro-area policy framework. The ba
Policy brief
28 September 2017
The sequence of crisis and policy responses after mid-2007 was a gradual recognition of the unsustainability of the euro-area policy framework. The ba
Event
19 June 2017
On 19th June, we are hosting an invitation-only workshop on sovereign exposure limits.
Opinion piece
22 May 2017
The Eurogroup faces a difficult choice on Greece — implementing a debt reduction plan drastic enough to make a return to market borrowing possible, or
Event
12 April 2017
At this event the Managing Director of the International Monetary Fund, Christine Lagarde, will speak about the global outlook and policy priorities,
Blog post
28 March 2017
Banks’ sovereign bond holdings were at the heart of the euro-sovereign crisis. The concentration of domestic bonds created a vicious cycle between gov
Blog post
08 December 2016
The gross general government debt-to-GDP ratios in many advanced economies have reached the highest levels in peacetime history and continue to grow,
Policy brief
10 November 2016
One of the consequences of the global financial crisis has been rapid growth in public debt in most advanced economies. This Policy Contribution asses
Podcast
08 November 2016
An excess of indebtedness is constraining economic growth in many economies. Indeed, the deleveraging since the financial crisis is exceptionally slow
Opinion piece
21 October 2016
Nicolas Véron argues that EU banking union can only be complete if the vast amounts of domestic sovereign debt held by many banks are reduced
Event
12 July 2016
The sovereign debt crisis shook the Euro to its foundations. It soon became clear that there was no mechanism to allow a tidy insolvency of a state wi
Event
05 July 2016
Exposures of banks towards sovereigns and vice-versa may be a source of systemic risk but how far can limiting these exposures in fact enhance or rath
Blog post
07 May 2016
Greek public debt does not look sustainable if the country has to return to market borrowing at the end of the third bail-out programme, but could be
Policy brief
18 February 2016
At the current level of political and societal integration, a large federal budget is unrealistic in the euro area. The authors make three recommenda
Working paper
29 October 2015
This paper reviews the steps that China has taken towards financial reform with a particular focus on capital account liberalisation and international
Blog post
26 October 2015
What’s at stake: Seven years after the financial crisis, recovery is still weak in most parts of the global economy. The general debt overhang across
Blog post
31 August 2015
Sitting on a pile of debt, China’s only way out is to deleverage: more pain now for sustainable growth later.