P. Nicolaides: State Aid to Combat Covid-19

This paper examines the state aid measures that Member States have implemented to combat the economic effects of covid-1...

April 4, 2020

C. Bastasin: The rationale behind the Italian-German rift

Acrimony among European states is getting harsher today than during the euro crisis a decade ago, jeopardizing the integ...

March 31, 2020

C. Bastasin, L. Bini Smaghi, M. Messori, S. Micossi, P. C. Padoan, F. Passacantando, G. Toniolo – ITALY’S RESPONSE TO THE HEALTH CRISIS: THINKING TODAY ABOUT THE COUNTRY’S FUTURE

An unprecedented crisis is unraveling before our eyes. The damage caused to people’s and business’ economic viabilit...

March 27, 2020

M. Messori – The current European debate on fiscal policy: Too much and too little

In the last two weeks the European Central Bank (ECB) decided to launch new LTRO and T-LTRO programs to ensure liquidity...

March 23, 2020

S. Micossi, F. Peirce: Overcoming the gridlock in EMU decision-making

The completion of EMU, and banking union as its critical component, requires that certain taboos in the policy debate ar...

March 17, 2020

I. Angeloni: ECB should turn to supervisory forbearance

The European Central Bank under Christine Lagarde, its new president, must decide at its governing council meeting on 12...

March 15, 2020

M. Messori – The economy in the time of the coronavirus: The different limits of the monetary and fiscal policies

The dramatic coronavirus pandemic will likely have heavy and prolonged recessive effects on the European and internation...

March 15, 2020

R. Perissich: A tale of four balls and one grenade

After the 2016 Brexit referendum, the UK and the EU have gone through more than 3 years of negotiations that were someti...

February 28, 2020

R. Tamborini: Beware of pitfalls in the Review of Policy Strategy of the European Central Bank

After taking office on November 1, 2019, the most important announcement from the new President of the European Central ...

January 24, 2020

S. Berardi, A. Marcelletti: Optimal Bank Capital Requirements: An Asymmetric Information Perspective

The issue on the amount of capital banks should hold has pushed back the debate on top of policymakers’ agenda. Litera...

March 1, 2017

F. Schivardi, E. Sette, G. Tabellini: Credit Misallocation During the European Financial Crisis

Do banks with low capital extend excessive credit to weak firms, and does this matter for aggregate efficiency? Using a ...

March 1, 2017

D. Focarelli: Why Insurance Regulation is Crucial for Long-term Investment and Economic Growth

This paper focuses on the role of insurers as providers of funds for long-term investment in the real economy, with an e...

January 15, 2017

A. Bassanetti, C. Cottarelli, A. Presbitero – Lost and Found: Market Access and Public Debt Dynamics

The empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a ...

December 11, 2016

F. Landini: Distortions in Firm Selection During Recessions

Recent evidence documents the weakness of market selection based on productivity differentials and the absence of cleans...

October 15, 2016

P. Esposito, M. Messori: IMPROVED STRUCTURAL COMPETITIVENESS OR DEEP RECESSION?

One of the main problems facing the European Monetary Union is the macroeconomic imbalances between ‘core’ and ‘pe...

March 21, 2016

A. Cardaci, F. Saraceno: Inequality, Financialisation and Credit Booms: a Model of Two Crises

We develop a macroeconomic model with an agent-based household sector and a stock-flow consistent structure, in order to...

February 11, 2016

F. Saraceno, R. Tamborini: How can it work? On the impact of Quantitative Easing in the Eurozone

How can the quantitative easing (QE) programme launched in March 2015 by the ECB be successful in the Eurozone (EZ)? Wha...

February 1, 2016

P. Schlosser – ‘Tightening the knot’: strengthening fiscal surveillance in EMU during the euro crisis

One of the key regularities which appeared to hold so far in European integration is that the closer a policy issue lies...

November 30, 2015