Francesco Papadia is the chair of the Selection Panel of the Hellenic Financial Stability Fund (HFSF). He was, between 1998 and 2012, Director General for Market Operations at the European Central Bank. He worked previously at the Banca d´Italia, first as Director of the International Section of the Research Department and then as deputy head of the Foreign Department. Mr. Papadia has a degree in law from the University of Rome and attended postgraduate studies in Economics and Business at the Istituto Adriano Olivetti in Ancona and at the London Business School.
Mr. Papadia is the author of a number of publications in the fields of International Economics and Monetary Policy. While collaborating with Bruegel, the focus of his research will be on European and global macroeconomic issues, including governance questions.
Disclaimer of external interests
Regaining price stability is difficult but doable; the bigger problem facing central banks is economic uncertainty.
The European Central Bank is right not to over-react to recent banking problems.
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.
An analysis of German-Italian spreads under five Italian governments shows that the gap was biggest when Italian policies worried markets most.
What matters when it comes to managing the pandemic is to prevent intensive-care admissions and deaths arising from COVID-19.
We draw out four indicators of macroeconomic uncertainty, measured over the lifetime of the euro.
A requirement for gas to be paid for in rubles is a way for Russia to side-step central bank sanctions.
Review of 'Monetary policy in times of crisis: a tale of two decades of the European Central Bank' published in the Central Banking.
This event will feature the presentation of “Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank."
The view of one of the authors of this paper about the relationship between money and inflation can be summarised in two anecdotes.
Most economic forecasts predict a return, in the medium-term, to pre-pandemic growth and inflation. Nevertheless, the European Central Bank and fiscal
A discussion of Italian and German macro-economic cultures and performances.
Use of Emergency Liquidity Assistance to prop up euro-area banks needs to be more transparent; available evidence suggests its use has not always been
The level of interest of European citizens in the European Union is increasing, but still lags behind EU economic and policy integration.
A discussion of Italian and German macro-economic cultures and performances.
Everything that increases the interest of European citizens in the EU will serve to move the EU closer to its citizens.
This paper assesses COVID-19 credit-support programmes in five of the largest European economies, and examines how countries have dealt with trade-off
In March and April 2020, European governments announced massive credit support programmes. After an initial surge, take-up appears to be stabilising (
Loan guarantees have been a major part of the COVID-19 support packages offered by European governments to companies. The actual take-up numbers so fa
We are not in normal times and we have to surpass, albeit only for the duration of the COVID-19 shock, the hurdles that did not allow the euro-area to
The implementation of a Derivative Market Programme could reaffirm the ECB’s credibility and strong commitment to price stability.
COVID-19 raises a number of serious issues of a sanitary, social and economic nature. While recognizing the difficulty of giving definitive answers at
The Libra Association claims it will be analogous to a currency board regime, but they have overlooked the problems of monetary management that come w
This Policy Contribution tests the hypothesis that an imbalance has grown in Europe over the last few decades because markets have integrated to a gre
An on-going research project at Bruegel seeks to quantify and analyse printed media discourses about Europe over the decades since the end of the Seco
Is the quality of fiscal expenses and revenues more important than the budget deficit?
Since the second half of 2018, signs of a slowdown have been piling up in the euro area. The ECB will face major challenges in this potentially diffic
This external publication delves into the new responsibility given to the European Central Bank: supervision on banks in the euro-area. It tells its h
An on-going research project is seeking to quantify and analyse printed media discourses about Europe over the decades since the end of the Second Wor
Memo to the president of the European Central Bank. Grégory Claeys, Maria Demertzis and Francesco Papadia present the challenges that the next ECB pre
No other country lost as many positions as Greece and Italy in the rankings of European countries by Gross National Income per head, between 1990 and
Under a set of assumptions, this post concludes that UK real income and investment would have been 4% and 6% larger respectively had it not been for t
An ongoing research project is seeking to quantify and analyse national printed media discourses about Europe over the decades since the end of the se
Francesco Papadia and Inês Gonçalves Raposo have recently written on Italian fiscal policy and the increase in the spread between Italian (BTP) and Ge
Is a more important international role for the euro worth pursuing? What measures would achieve this result, if it is worth pursuing?
The authors assess whether the euro area should pursue a greater international role for the euro, as outlined by European Commission president Jean-Cl
The increase in the spread between Italian (BTP) and German (Bund) government securities is directly an additional burden for Italy public finance, an
The authors investigate the ECB’s profit-making activity of the last 20 years, assessing how this was achieved and the reasons why we should care more
The economic evaluation of mini-BOT very much depends on its specific characteristics. Overall it appears to be a blend of an inferior security and in
How will the European financial services industry develop after Brexit?
The full consequences of Britain’s vote to leave the European Union were never going to be immediately perceptible. As we approach the second annivers
Central banks came out of the Great Recession with increased power and responsibilities. Indeed, central banks are often now seen as 'the only game in
This event looked at fundamental questions about the central banking systems and how the Great Recession might have prompted a reassessment of the old
This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand,
The reduced references in the speeches of the President and Vice-president of the ECB to exchange rate changes in assessing inflation developments cor
The ability of macroprudential policies to assure financial stability and thus leave central banks free to assign the interest rate tool exclusively t
The ECB’s recent decision on QE was somewhat on the dovish side. Francesco Papadia gives his view on why it is time to start a discussion about reduci
The Eurosystem gets a lot of attention from academics and the media, but they largely focus on its statutory objective of maintaining price stability.
This blog post looks at how the approach of the ECB to inflation has changed over the years. It shows the ECB has moved, over the years, from a small
This paper assesses the decentralised implementation of monetary policy by the Eurosystem in terms of its transparency, efficiency and simplicity. Com
While the Euro has frequently been blamed for the poor growth performance of Italy over the years, a long-term analysis shows deteriorating growth bef
Like the price of financial assets, the market assessment of the capacity of central banks to achieve their price stability objective fluctuates betwe
The short answer is a hesitant yes, bordering with a timid no.
During the Great Recession, central banks went well beyond their normal operations and provided liquidity in unlimited amounts, in foreign currency an
The short answer is: somewhat positive. The longer, but still broad-brush, answer starts from noting that two important documents have been issue
The short answer is: into the liquidity trap.
Some observers have accused the European Central Bank (ECB) of having transformed itself into a hedge fund because of the purchases of government secu
The short answer is: into the periphery of Europe.