Working Paper
A summary of the most important policy lessons from research undertaken in the MICROPROD project work package 4, related to the allocation of the factors of production, with a special focus on the weak dynamism of European small and medium-sized enterprises (SMEs).
External Publication
An annual review of the euro published jointly by Fundación ICO and Fundación de Estudios Financieros to expand knowledge, raise awareness of the single currency, and suggest ideas and proposals for strengthening its acceptance and sustainability.
Blog Post
The lowest income households are suffering disproportionally from the current inflation increase, with rising energy prices the main culprit.
External Publication
Financing post-pandemic recovery via EU borrowing has proved remarkably straightforward. So why keep it temporary?
Policy Contribution
The Next Generation EU programme is radically changing the way the EU finances itself and interacts with financial markets. This paper assesses the first design decisions made by the European Commission and the issuances that have taken place so far. It also outlines the potential risks and opportunities linked to this upgrading of the EU borrowing.
Blog Post
Negative rate cuts are not that different from ‘standard’ rate cuts. Like them, they reduce banks’ margins, but this effect does not appear to be amplified below 0%.
External Publication
This paper explores the potential effects (and side effects) of negative rates in theory and examines the evidence to determine what these effects have been in practice in the euro area.
Policy Contribution
Policymakers must act to prevent lasting divergence within the EU and to prevent scarring from the fallout from the pandemic.