C. De Vincenti – The “do no significant harm” principle: Two possible interpretations

With the European Commission’s recent draft document that includes, albeit under restrictive conditions, gas and ...

February 2, 2022

S. Micossi – Reform of the Stability Pact: First principles

 A crowded seminar held by the Astrid Foundation has launched in Italy the discussion on the future of the European...

January 27, 2022

M. Buti, G. Papaconstantinou – European Public Goods: How can we supply more?

The discussion on the supply and finance of public goods at European level is part and parcel of the broader discussion ...

January 26, 2022

D. Gros: A (E)U-turn from Nord Stream 2 towards a European Strategic Gas Reserve

The EU does not have an army. It thus cannot defend Ukraine from a Russian invasion, but it can at least put itself in a...

January 26, 2022

A. Boitani, R. Tamborini: Reforming the European fiscal governance. Beyond new rules

As of March 2020, at the outbreak of the Covid-19 pandemic, the fiscal rules of the European Economic and Monetary Union...

January 25, 2022

C. Bastasin: Why a pro-European President of the Italian Republic is vital for the country’s economy

The role of Italy’s President, differently from the premiership, does not wield executive powers. Nevertheless, its fu...

January 25, 2022

C. Bastasin, L. Bini Smaghi, V. Meliciani, M. Messori, S. Micossi, P. C. Padoan, G. Toniolo – Legge di Bilancio: troppa spesa corrente se l’inflazione spinge i tassi d’interesse

Questo policy brief analizza criticamente lo stato attuale della politica di bilancio italiana e le prospettive di infla...

December 29, 2021

C. Bastasin – The lack of political integration in European governance: The case in the conflict between security in Europe and democracy in Poland

Strengthening political integration is tacitly coming of age in Europe after the pandemic crisis led the European Union ...

November 30, 2021

S. Micossi – On the selling of sovereigns held by the ESCB to the ESM: A revised proposal

This paper presents an in-depth review of the proposal by Micossi (2020) and Avgouleas and Micossi (2021) to transfer a ...

November 15, 2021

P. Esposito, V. Larocca, M. Messori, M. Mischitelli – Bank-based or Market-based financial sources: Which is better for the EU?

This paper examines the relationships between the financial structure and the economicperformance of non-financial corpo...

November 8, 2021

P. Benigno, P. Canofari, G. Di Bartolomeo, M. Messori: Financial Dominance in the Pandemic and Post-Pandemic European Economy

Differently from past episodes, the European institutions responded to the pandemic shock with an appropriate policy mix...

October 4, 2021

P. Nicolaides – The Dispute-Settlement Provisions of the EU-UK Trade and Cooperation Agreement: Are they Adequate for the Task?

The Trade and Cooperation Agreement between the European Union and the United Kingdom has established new institutions a...

September 23, 2021

A. Erce, E. Mallucci, M. Picarelli: A Journey in the History of Sovereign Defaults on Domestic Law Public Debt

We introduce a novel database on sovereign defaults that involve public debt in- struments governed by domestic law. By ...

September 22, 2021

P. Della Posta, R. Tamborini: The existential trilemma of the EMU in a fiscal target-zone model

The lesson we draw from the EMU crisis of the 2010s, and from the outbreak of the COVID-19 pandemic, is that the EMU, wh...

September 8, 2021

F. Bontadini, R. Evangelista, V. Meliciani, M. Savona: Patterns of integration in global value chains and the changing structure of employment in Europe

This paper aims at revisiting the empirical evidence on the recent trends of countries’ integration in global value ch...

September 1, 2021

J. Bonchi – Asset Price Bubbles and Monetary Policy: Revisiting the Nexus at the Zero Lower Bound

Asset price bubbles are a major source of macroeconomic instability, but can they play a different role in a low interes...

June 18, 2021

T. Asonuma, M. Chamon, A. Erce, A. Sasahara – Costs of Sovereign Defaults: Restructuring Strategies and Financial Intermediation

Sovereign debt restructurings are associated with declines in the growth of GDP, invest- ment, bank credit to the privat...

May 31, 2021

A. Wirkierman, T. Ciarli, M. Savona: A Taxonomy of European Innovation Clubs

The paper provides a novel, empirically grounded map of innovation ‘clubs’ in the EU, based on a unique analysis of ...

May 18, 2021