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

P. Nicolaides: Unprecedented State Intervention

EU Member States have granted very large amounts of state aid to counteract the impact of the covid- 19 pandemic and the...

March 3, 2021

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

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

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