Francesco Papadia

Italy and Europe

Slow growth, high debt and the paradox of Giorgia Meloni

Rules, discretion and market stabilisation in the euro area

Forty years of European History: Crisis, Resilience, Development and Opportunity

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?

How long will the tariff madness last?

Pessimists argue Trump’s tariffs are here to stay; optimists argue that governments have limited ability to inflict pain on their electorates

Make finance part of the EU-UK post-Brexit reset

The EU and UK should address issues with the clearing and settlement industry and letterbox firms

Successful central banks can afford to pay scant attention to money

The European Central Bank’s operational framework and what it is missing

This paper attempts to fill in the gaps in the European Central Bank's framework review

The European Central Bank’s timid operational framework update

The European Central Bank announced limited changes to its operational framework – which is probably right given current uncertainty

Central banks: uncertainty is the problem, not managing the trilemma

Regaining price stability is difficult but doable; the bigger problem facing central banks is economic uncertainty.

The European Central Bank’s latest move tells a clear story

The European Central Bank is right not to over-react to recent banking problems.

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.

National policies are the best protection against euro-area financial fragmentation risks

An analysis of German-Italian spreads under five Italian governments shows that the gap was biggest when Italian policies worried markets most.

COVID-19 in the European Union: health impacts and effects on economic activity

What matters when it comes to managing the pandemic is to prevent intensive-care admissions and deaths arising from COVID-19.

Measuring macroeconomic uncertainty during the euro’s lifetime

We draw out four indicators of macroeconomic uncertainty, measured over the lifetime of the euro.

A sanctions counter measure: gas payments to Russia in rubles

A requirement for gas to be paid for in rubles is a way for Russia to side-step central bank sanctions.

Book notes: Monetary policy in times of crisis

Review of 'Monetary policy in times of crisis: a tale of two decades of the European Central Bank' published in the Central Banking.

Does money growth tell us anything about inflation?

The view of one of the authors of this paper about the relationship between money and inflation can be summarised in two anecdotes.

Is the risk of stagflation real?

Most economic forecasts predict a return, in the medium-term, to pre-pandemic growth and inflation. Nevertheless, the European Central Bank and fiscal

The Value of Money, Controversial Economic Cultures in Europe: Italy and Germany

A discussion of Italian and German macro-economic cultures and performances.