R. Perissich: Why the EU needs a common foreign policy (and what it would take to have one)

As a result of an ill-advised military intervention by some European countries, Libya has been in a state of bloody civi...

February 28, 2021

V. Termini – Europe on the move: First steps towards a multilateral global scenario

Europe is on the move on three fronts which, in combination, are leading towards a truly extraordinary scenario. At the ...

February 24, 2021

M. Messori – The Italian recovery and resilience plan: How to take advantage of an extraordinary opportunity

In the post-pandemic period, the success of “Next generation – EU” (NG-EU) is crucial for initiating a...

January 4, 2021

C. Bastasin, L. Bini Smaghi, M. Bordignon, S. De Nardis, C. De Vincenti, V. Meliciani, M. Messori, S. Micossi, P. C. Padoan, G. Toniolo – A vision for Italy to seize a great opportunity: the choices the government must make to benefit from Next Generation-EU

The European funds of Next Generation-EU represent an unmissable opportunity to revive Italy, but also a great responsib...

December 6, 2020

C. Bastasin: Italy’s Recovery Plans require the mobilization of private savings

A more dynamic banking system and private equity actors are indispensable to prevent the high private debt from disrupti...

November 30, 2020

R. Perissich: Macron’s world view

Emmanuel Macron is a highly intelligent man and a profound, articulate thinker. He is also the President of France. Outs...

November 27, 2020

M. Buti, M. Messori – Implementing the Recovery and Resilience Plans: The Case of Italy

The exceptionality of the pandemic, its exogenous nature that has reduced the importance of the ‘moral hazard̵...

November 16, 2020

S. Micossi: Sovereign debt management in the euro area as a common action problem

This Policy Brief discusses the question of sovereign debt management in the euro area following the large increase in t...

October 14, 2020

S. Micossi: An international role for the euro?

One proposition that commands universal agreement is that the euro deserves a greater international role, justified by t...

October 2, 2020

J. Bonchi, F. S. Lucidi – Asset Price Bubbles with Low Interest Rates: Not All Bubbles are Likely to Emerge

Leveraged asset price bubbles, i.e., boom-bust phases in asset prices accompanied by credit overhangs, are more harmful ...

December 5, 2020

L. Codogno, P. van den Noord: Assessing Next Generation EU

The unprecedented fiscal package adopted by the European Council in the summer of 2020 ―dubbed Next Generation EU―is...

November 30, 2020

P. Benigno, P. Canofari, G. Di Bartolomeo, M.Messori: Uncertainty and the Pandemic Shocks

The COVID-19 pandemic shocks are a significant source of uncertainty in several aspects. In particular, these shocks inf...

November 11, 2020

G. Ascari, J. Bonchi: (Dis)Solving the Zero Lower Bound Equilibrium through Income Policy

We investigate the possibility to reflate an economy experiencing a long-lasting zero lower bound episode with subdued o...

October 23, 2020

C. De Vincenti, S. Facciolini: Mercati postali, servizio universale, regolazione

Quali sono le caratteristiche strutturali del mercato dei servizi postali rilevanti per la definizione del quadro normat...

October 12, 2020

P. Benigno, P. Canofari, G. Di Bartolomeo, M. Messori: Theory, Evidence, and Risks of the ECB’s Asset Purchase Programme

In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its combined-arms m...

October 2, 2020

L. Codogno, P. van den Noord: Going fiscal? A stylised model with fiscal capacity and a Eurobond in the Eurozone

The paper shows that the introduction a Eurobond together with fiscal capacity at the centre would produce macro-stabili...

April 9, 2020

G. Galli: The reform of the ESM and why it is so controversial in Italy

Key Points The draft reform of the European Stability Mechanism (henceforth ESM) was not approved as scheduled at the Eu...

April 8, 2020

G. Bonaccolto, N. Borri, A. Consiglio: Breakup and Default Risks in the Eurozone

Since the burst of the sovereign debt crisis, investors perceive the concrete possibility of a breakup of the Eurozone. ...

March 11, 2020