Stavros Zenios

How much of a threat to US debt sustainability is Trump’s One Big Beautiful Bill Act?

The US should start fiscal adjustment as soon as it can if it wants to head off the risk of exploding debt related to Trump’s tax and spending plan

Disaster risk in euro-area bond markets

What investment funds tell us about euro-zone fragility

Debt sustainability analysis with conventional and unconventional monetary policy

Sovereigns on thinning ice: debt sustainability, climate impacts and adaptation

Climate change could trigger debt crises, with adaptation providing only partial relief

Climate change is likely to significantly undermine sovereign debt sustainability, especially from the mid-2040s

Hedging political risk in international portfolios

Financial education and spillover effects

Do green bonds provide diversification benefits? The need for tax incentives

Are bad governments a threat to sovereign defaults? The effects of political risk on debt sustainability

In this paper, we ask whether the level of political risk in a country threatens its debt sustainability

Incorporating political risk into analysis of sovereign debt sustainability

Political risk is not taken into account when assessing whether countries can manage their debts, but it could be and should be

Memo to the commissioner responsible for economic and financial affairs

Climate change, the next big financial threat

A warming planet poses new risks to European sovereign debt. How can the continent protect itself?

The longer-term fiscal challenges facing the European Union

Since 2020, the European Union has suffered two large shocks, which have created new fiscal challenges for the EU.

The ripple effect of financial education

A financial literacy course for university students in Cyprus also improved the financial knowledge of their parents.

How effective has the pandemic emergency purchase programme been in ensuring debt sustainability?

The ECB’s pandemic emergency purchase programme has improved substantially the debt dynamics of euro-area countries, with durable effects.

The risks from climate change to sovereign debt in Europe

European Union institutions and national fiscal authorities should incorporate climate risk in debt sustainability analysis.

Growth uncertainty, European Central Bank intervention and the Italian debt

European Central Bank intervention provides a buffer against the uncertainty faced by European Union economies in the face of COVID-19. For the time b

Coronavirus and the politics of a common fiscal instrument

Coronavirus means many European Union countries will soon face major increases in their sovereign debt burdens, exacerbated by the sudden collapse of

Incorporating political risks into debt sustainability analysis

DSA applies to crisis countries only, but an early warning system identifying vulnerabilities is relevant for all countries. A more general, less stri

State contingent debt as insurance for euro-area sovereigns

Since the financial crisis, EU countries' economies have recovered to the point that they are exiting their adjustment programmes. Institutional stabi