Banking and capital markets

Is there social added value in digital currencies?

Testimony on crypto and CBDCs to the Fintech committee of the European Parliament.

Completing Europe’s banking union: economic requirements and legal conditions

This contribution analyses the deficiencies of the current framework and identifies possible responses, in line with three levels of reform ambition.

The importance of being fiscally earnest

As interest rates increase over the course of the next few months, there are bound to be asset-price corrections & rethinking of investment decisions.

Volatile energy markets expose the fragility of Europe’s capital market infrastructure

Reform of the EU central clearing framework is an essential part of capital markets union, but reform should not be driven by current energy turmoil.

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

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

Learning from the European Central Bank's policy mistakes

While mistakes unduly constrained rate hikes, gradual tightening is the right approach along with a new instrument to address energy bottlenecks.

Mapping banking centres globally since 1970

An analysis of central bank decision-making

Bank of England MPC celebrates 25 years and we use this occasion to compare its decision-making process to that of the ECB

Mobilising EU investors to narrow the developing-country climate-finance gap

The EU needs to address through public and private funds the lack of private climate finance to low- and middle-income countries.

A decade of economic policy

Guntram Wolff looks back at the past decade of Bruegel contribution to economic policy in Europe.

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.

Buy now, pay later: the age of digital credit

A relatively new fintech market, BNPL is currently not regulated in the EU, meaning that consumers do not have the same protection level as they do fo