Publications
Our publications aim to provide in-depth information on issues that are at the forefront of the European agenda, including commentary, research, and policy recommendations.
LEAP produces policy briefs, working papers, five bullets and a monthly newsletter. All publications are available online.
Policy Briefs
L. Bini Smaghi – The new ECB Strategy: What will change?
On 8 July 2021 the ECB published its new Monetary Policy Strategy. Following the announcement, it is legitimate to ask w...
July 26, 2021
S. Micossi: La riforma del Patto di stabilità e crescita
Queste brevi note offrono qualche spunto che spero utile sulla discussione in corso sulla revisione del Patto di stabili...
June 16, 2021
C. Bastasin, L. Bini Smaghi, S. De Nardis, C. De Vincenti, V. Meliciani, M. Messori, S. Micossi, P. C. Padoan, G. Toniolo: Three conditions for the Italian reforms’ success
The Italian government’s programs for changing the inertia of the country’s economy are well founded. After thir...
June 14, 2021
C. Bastasin: A rearview mirror mentality wrapped in a small-country syndrome
A year ago, the European Union reached its Hamiltonian moment. The sense of human solidarity in the face of death and th...
May 31, 2021
F. Passacantando: Could a digital currency strengthen the euro?
The introduction of a digital euro could transform not only the way European citizens will make pay- ments in the future...
May 5, 2021
V. Termini – The risk of inflation cannot be our priority: The effect’s of Biden’s economic policy
Today we are going through a deep economic crisis, different from the ones that we were accustomed to. It was brought on...
April 22, 2021
G. L. Tosato – Common debt: NextGeneration is not the first case
The feared judges in Karlsruhe will soon have to rule on the constitutionality in Germany of the planned issue of Eurobo...
April 11, 2021
C. Bastasin – The Draghi Government: The Europe factor in investor choices
The start of the Draghi government is surrounded by a high level of uncertainty. The climate in which the economic polic...
March 29, 2021
E. Avgouleas, S. Micossi – On selling sovereigns held by the ECB to the ESM: Institutional and economic policy implications
This paper follows up on a CEPS Policy Insight of October 2020, in which Stefano Micossi argued that the increase in sov...
March 22, 2021
Working Papers
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
P. Reichlin – the GIIPS Countries in the Great Recession: Was it a Failure of the Monetary Union
Drawing from the debate between the “German” and the “Keynesian” views about the reason for the Euro Area slow r...
February 28, 2020
P. C. Padoan – Growth in Europe: Notes for a policy agenda
This paper discusses topics related to the growth mechanism in Europe, and specifically in the eurozone. It looks at the...
December 1, 2019
M. Messori: The flexibility game is not worth the new ESM
The reform of the Treaty Establishing the European Stability Mechanism (ESM) broadens the functions of this mechanism so...
October 25, 2019
P. Canofari, G. Di Bartolomeo, M. Messori: Sovereign debt crisis, fiscal consolidation, and active central bankers in a monetary union
In this paper we examine global financial instability and its impact on the sovereign debts of peripheral countries in a...
October 2, 2019
M. Messori: The inevitable evolution of European financial markets
In the decades preceding the 2007-2009 international financial crisis and the related ‘doom loop’ between the Europe...
September 20, 2019
Monthly Briefs
Five Bullets
Newsletter
LEAP sends out occasional newsletters containing fellowship opportunities, application calls, updates, and news.