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

C. De Vincenti: The Impact of Next Generation EU on the 2021-27 Multiannual Financial Framework

The adoption of the Next Generation EU (NG-EU) strategy is a significant breakthrough with respect to the confrontation ...

September 29, 2020

C. Battiati, C. Jona-Lasinio, S. Sopranzetti: Productivity growth and global value chain participation in the digital age

This paper provides a comprehensive overview of the current productivity trends and their potential drivers in the Euro ...

September 2, 2019

C. Bastasin, M. Mischitelli, G. Toniolo: Living with high public debt, Italy 1861-2018

Since 1861, Italy’s public debt has been both high and sustainable. The paper reviews the history of the Italian debt,...

June 17, 2019

P. Canofari, A. Marcelletti, M. Messori: REDENOMINATION RISK AND BANK RUNS IN A MONETARY UNION WITH AND WITHOUT DEPOSIT INSURANCE SCHEMES

This paper develops a basic framework characterized by a monetary union in which a shock to the policy interest rate, to...

June 1, 2019

R. Rinaldi: Cash

The world of retail payments is changing rapidly. We observe app-based mobile payments, contactless and proximity transa...

May 24, 2019

L. Codogno, P. van den Noord: The rationale for a safe asset and fiscal capacity for the Eurozone

The only way to share common liabilities in the Eurozone is to achieve full fiscal and political union, i.e. unity of li...

May 10, 2019

E. Avgouleas, C. Goodhart: BANK RESOLUTION 10 YEARS FROM THE GLOBAL FINANCIAL CRISIS: A SYSTEMATIC REAPPRAISAL

Since 2010 most Group of Twenty (G20) jurisdictions have introduced new recovery and resolution regimes to deal with ban...

May 1, 2019

S. De Nardis: Dissecting Italian manufacturing: sector, dimension and resource allocation in the last ten years

After a prolonged and disappointing period, manufacturing productivity has relatively improved in Italy. It is a decade ...

April 20, 2019

V. Ceriani, G. Ricotti: The international coordination of corporate taxation: old solutions for new challenges?

The ways in which multinational companies operate in the current economic context questions the adequacy of internationa...

March 15, 2019

P. Benigno: Monetary Policy in a World of Cryptocurrencies

Can currency competition destabilize central banks’ control of interest rates and prices? Yes, it can. In a two-cu...

February 8, 2019