Welcome to SUERF - The European Money and Finance Forum

Eurozone in times of Covid-19: Debt monetisation by stealth / Peter Vanden Houte

Radical Uncertainty / John Kay

European Recovery Fund: Sceptics Q&A / Reza Moghadam, Jacob Nell, Joao Almeida, Bruna Skarica, Markus Guetschow

How effective are bank levies in reducing leverage given the debt bias of corporate income taxation? / Franziska Bremus, Kirsten Schmidt, Lena Tonzer

The Macroeconomic Impact of NPLs in Euro Area Countries / Ivan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro

How firms are adapting to the lockdown: insights from text mining / Mathilde Gerardin, Martial Ranvier

Special Update of the European Fiscal Monitor / Willem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen

Retail Central Bank Digital Currencies: means of payment vs store of value / Santiago Fernández de Lis, Pablo Urbiola

Europe’s answer to Libra – potential and prerequisites of a programmable euro / Andreas Krautscheid, Tobias Tenner, Siegfried Utzig

Banking between two crises / Karel Lannoo

The liquidity trap, monetary policy and the health crisis / Stéphane Lhuissier

Financial resilience of German households to Corona triggered income shock / Orcun Kaya

A sensible fiscal policy for the sharp rise in government debt / Forrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood

Which factors drive consumers to adopt crypto-assets? Results from an Austrian survey / Helmut Stix

The need for a new financial architecture after CORONA, an opinion / Freddy Van den Spiegel

Covalization: Europe on the Rack Between Globalization and Covid - A Historian’s Perspective on the European Union: Europe and Globalization / Harold James

The EU’s recovery plan is the next generation of fiscal solidarity / Sylvain Broyer

Credit Guarantees in the COVID-19 crisis – Relevance and Economic Impact / Julien Brault, Simone Signore

Assessing the efficacy of COVID-19 tracing regimes / David Mackie

Towards a wider international role for the euro / Francesco Papadia, Konstantinos Efstathiou

The international role of the euro / Marco Buti

A first look at fiscal dynamics in the Euro area after COVID-19: the case for a shift in the fiscal governance system / Marco Protopapa

There is nothing magic in central bank money / Jean Barthélemy, Adrian Penalver

Do contactless cards really change the way we pay? / Martin Brown, Nicole Hentschel, Hannes Mettler, Helmut Stix

Keeping the COVID-19 R number below 1 as mobility rises / David Mackie

An ECB digital currency – a flight of fancy? / Yves Mersch

Does the EU convergence machine still work and how will the Covid-19 crisis impact it? / Patrick Bisciari, Dennis Essers, Evelien Vincent

US dollar funding markets during the Covid-19 crisis – the international dimension / Egemen Eren, Andreas Schrimpf, Vladyslav Sushko

Simulating the distributive effects of the Macron-Merkel Recovery Fund / Friedrich Heinemann

International inflation co-movements / Philip R. Lane

Making banking integration work for better risk sharing in the eurozone: the role of cross-border banking consolidation / Mathias Hoffmann

Cross-border consolidation in the European banking sector: between dreams and reality / Jan Van Hove

Services are the next – and fast approaching – frontier of global trade and financial services is a sector leading the way / Robert Koopman

German Constitutional Court vs ECB: Law, Economics and Politics / Donato Masciandaro

Turning collective savings into private equity investments: The Covid-19 crisis as a catalyst for pan-European efficient resource allocation / Georges Hübner

ECB needs to finance Corona budget deficits / Paul De Grauwe

The currency composition of foreign exchange reserves / Hiro Ito and Robert N McCauley

Monetary policy implications of digital currencies / Katrin Assenmacher

Can we compare the COVID-19 and 2008 crises? / Marc-Olivier Strauss-Kahn

Coronavirus and the world of work / Monika Kiss

How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term context / Elga Bartsch, Jean Boivin, Philipp Hildebrand

Covid-19 policy response and the role of the EIB / Debora Revoltella

Never Let a Good Crisis Go to Waste! / Kai A. Konrad, Marcel Thum

An EU Recovery Fund: How to square the circle? / Kajus Hagelstam, Alice Zoppè, Cristina Sofia Dias

Shh, don’t say it! ECB Helicopter Money: Economics and Politics / Donato Masciandaro

How the economy will recover from the Corona shock / Jörg Krämer and Bernd Weidensteiner

Interlinking Europe’s recovery plan and the next EU budget / Kevin Körner and Barbara Böttcher

Embedded supervision: how to build regulation into Libra 2.0 and the token economy / Raphael Auer

Overview of Central Bank Digital Currency - State of Play / Johannes Duong

What central banks have done to help the economy survive Covid-19 / Florens Odendahl, Adrian Penalver, and Urszula Szczerbowicz

Politics and Economics of Global Currencies / Paul De Grauwe

Regulation, Corporate Culture and Individual Responsibility in Banking / David T Llewellyn

The search for the right European Financing Instruments in the Corona Pandemic - ESM Liquidity Assistance versus Corona Bonds / Friedrich Heinemann

Navigation tools in the semi-normal corona era / Andy Langenkamp

The range of different opinions and moods in Germany on collective ‘corona bonds’ / Ingobert Waltenberger

The Prudent Algorithm Principle: A new paradigm for financial supervision / Jakob Thomä

Passive Funds Actively Affect Prices: Evidence from the Largest ETF Markets / Karamfil Todorov

European banks in the corona crisis / Jan Schildbach

Mother Nature: The gender-climate nexus / Jessica Murray

How deep will it fall? Comparing the euro area recessions of 2020 and 2009 / Andreas Breitenfellner, Paul Ramskogler

A diverse monetary union creates invisible transfers that justify conditional solidarity / Enrico Perotti and Oscar Soons

Reflections on the health and financial crisis / Jacques de Larosière

Does It Fit? Tweeting on Monetary Policy and Central Bank Communication / Donato Masciandaro, Davide Romelli, Gaia Rubera

The European Deposit Insurance Scheme: Economic Rationale, Issues and Policy Solutions / Ettore Panetti

A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recovery / Ernest Gnan

Euro Area Economics: Putting the OOH into HICP / Jacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow

Central Bank Digital Currency: A Primer / Christian Pfister

Are Standard Macro and Credit Policies Enough to Deal with the Economic Fallout from a Global Pandemic? A Proposal for a Negative SME Tax / Thomas Drechsel, Şebnem Kalemli-Özcan

Reforms, Reversals and the Road Ahead: Lessons from Three Decades of Transition in Central and Eastern Europe / Beata Javorcik

The Paradox of Endogenous Nationalism and the Role of Quantitative Easing / Massimo Morelli

Capital Regulations and the Management of Credit Commitments during Crisis Times / Paul Pelzl, María Teresa Valderrama

Euro Area Economics: Greenflation? / Jacob Nell, Joao Almeida, Markus Guetschow

R-star decline and monetary hysteresis / Phurichai Rungcharoenkitkul

Mortgage Lending and Macroprudential Policy in the UK and US / Alan Brener

Cost-Efficiency and Productivity of euro area banks / Ivan Huljak, Reiner Martin, Diego Moccero

Regulating fintech: what is going on, and where are the challenges? / Fernando Restoy

Making sure your bot colleague is less biased than you! / Frank De Jonghe

The European Banking Union / Margarita Delgado

Populism, Economic Policies and Central Banking: an Overview / Ernest Gnan, Donato Masciandaro

European Banking Consolidation: Can a view to the past inform current policy efforts? / Peter Hahn

How Could Central Bank Digital Currencies Be Designed? / Itai Agur, Anil Ari, Giovanni Dell’Ariccia

Interests and alliances / Klaas Knot

Europe’s role in the global financial system / Luis de Guindos

Bank resolution, the need to recognize reality in order to prepare for the next crisis / Jesper Berg, Henrik Bjerre-Nielsen

Should central banks also be supervisors: a political economy perspective / Donato Masciandaro

Economic policy in EMU: What role for fiscal and monetary policy? Which has more scope left? How to combine them? / Marco Buti

DLT-Based Regulatory Reporting - A game changer for the regulatory regime? / Daniel Münch, Noah Bellon

TCFD: strengthening the foundations of sustainable finance / Mark Carney

The quest for policy scope: Implications for monetary policy strategies / Klaas Knot

Investing in Europe’s Competitiveness and Sustainability / Werner Hoyer

Central bank independence and inflation / Ryszard Kokoszczyński, Joanna Mackiewicz-Łyziak

Deposit facility rate, bank reserves, and portfolio reallocation incentives / Manuel Buchholz, Kirsten Schmidt, Lena Tonzer

Euro Area Fiscal Policy: The Factual, the Possible and the Surprising / Daniele Antonucci

Following “Libra” German banks say: The economy needs a programmable digital euro / Andreas Krautscheid, Tobias Tenner, Siegfried Utzig

Putting macroprudential policy to work: a case study on the Dutch housing market / Paul Hilbers, Marco van Hengel

Central Banking in challenging times / Claudio Borio

Ten years after Lehman, is the financial system safer? / Denis Beau

Inflation In The Eurozone Is Dead. Long Live (The Right Kind Of) Inflation / Sylvain Broyer

Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvre / Karsten Wendorff

Towards a European Governance Framework for Cryptoassets / Jason Grant Allen, Rosa María Lastra

The rise of central banks as sovereign debt holders: Implications for investor bases / Alvise Lennkh, Bernhard Bartels, Thibault Vasse

Libra – a view from Europe / Heike Mai

Tackling non-performing loans in Europe / Peter Grasmann, Markus Aspegren, Nicolas Willems

Banks’ behavioral reactions to Basel III: mostly as intended / Stefan W. Schmitz

Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination / Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand

On Crypto Assets / Andrei Kirilenko

Non-banks in the EU: ensuring a smooth transition to a Capital Markets Union / Fatima Pires

How to improve crisis management in the banking union: a European FDIC? / Fernando Restoy

Central bank digital currency: institutional issues / Wim Boonstra

Integration and convergence in the EMU: a complex dynamic / Bruno Cabrillac

The euro’s global role: past, present and future / Arnaud Mehl

Making the most of the EMU: Challenges and opportunities for structural reforms / Luiz de Mello

Strengthened EU fiscal framework: fiscal discipline versus economic stabilization / Bernhard Grossmann, Gottfried Haber

Reconciling risk sharing with market discipline: A constructive approach to euro area reform / Isabel Schnabel

Controlling CBDC through tiered remuneration / Ulrich Bindseil

Escaping the Trap: Secular Stagnation, Monetary Policy and Financial Fragility / Martin Wolf

European Economic and Monetary Union: from the Past into the Future / Jean-Claude Trichet

Beliefs and Portfolios: New Measurement and Facts / Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus

How to Make Capitalism Work for All? / Anita Angelovska Bezhoska

Restricting or Abolishing Cash: An Effective Instrument for Eliminating the Shadow Economy, Corruption and Terrorism? / Friedrich Schneider

Central banks still run money creation / Daniel Daianu

Mitigating Fiscal Risks from the Financial Sector / Ludger Schuknecht

Loan portfolio diversification in the euro area, capital requirements, and the European Banking Union / Esa Jokivuolle, Matti Virén

Regulatory complexity and the quest for robust regulation / Prasanna Gai, Malcolm Kemp, Antonio Sánchez Serrano, Isabel Schnabel

Libra: A new competitor among international currencies? / Beat Weber

Main findings from a survey on the long-term impact of Brexit on the UK and EU economies / Patrick Bisciari

Global economic governance at a crossroads / Carlo Monticelli

Rethinking Capital Regulation: The Case for a Dividend Prudential Target in the Euro Area / Manuel Muñoz

Bilateral Trade Balances Under Focus / Florence Jaumotte

A products and activities approach to managing risk in asset management / Barbara Novick

Financial aspects of Brexit / Thomas Url

Central banks are too risk averse as investors / Massimiliano Castelli, Stefan Gerlach

Thoughts for a third EU Referendum: Revoke Article 50 OR Leave with “a” deal / Graham Bishop

Chinese foreign investment: a dangerous obsession or a new normal? Get ready for the latter! / Peter Havlik

The future of financial stability: Maintaining effectiveness while reducing complexity / Andreas Ittner

The future of the UK services trade post-Brexit: unlikely to be bright / Olga Pindyuk

Monetary and financial stability: the implications for prudential supervision / Ed Sibley

Analysing the Economics of BREXIT and World Trade / David T. Llewellyn

Rethinking the Trade-offs for Monetary Policy in an Era of Globalization / Enrique Martínez-García

The impact of Brexit on growth and the public finances / Iain Begg

The post-crisis Phillips Curve and its policy implications: cumulative wage gap matters for inflation / Liviu Voinea

How to assess the adequacy of capital requirements based on internal models? / Susanne Roehrig

What is „Modern Money Theory“ (MMT)? / Beat Weber

The future of money and payments / Agustín Carstens

A New Horizon / Mark Carney

The Euro Area: Staying the Course through Uncertainties / François Villeroy de Galhau

The Euro Area: Creating a Stronger Economic Ecosystem / Christine Lagarde

Market power: a complex reality / Peter Praet

Beyond voluntary disclosure: why a ‘market-shaping’ approach to financial regulation is needed to meet the challenge of climate change / Josh Ryan-Collins

Fiscal Rules / Vitor Gaspar, David Amaglobeli

New Frontiers in the Euro Debate in Iceland / Thorsteinn Thorgeirsson

Disintermediation and re-intermediation effects of the CSPP / Óscar Arce, Ricardo Gimeno, Sergio Mayordomo

Creating an enabling environment for innovation and digitalisation / Debora Revoltella, Tim Bending, Christoph Weiss, Philipp-Bastian Brutscher

What lies in store for the eurozone? An assessment of the Greek bailout programmes: Has the EU become wiser? / Yannis Stournaras

Europe needs reforms for inclusive growth. Do Europeans agree? / Pier Carlo Padoan

Big tech in finance and new challenges for public policy / Agustín Carstens

The output cost of the global financial crisis: A reappraisal after ten years / David Turner, Patrice Ollivaud

Monetary Policy beyond normalization / Maria Demertzis

Africa needs investments beyond its pockets of growth / Olivier de Boysson, Clément Gillet

Business models in prudential policies / Isabelle Vaillant, Marina Cernov

Bank business models: time to act / Rudi Vander Vennet

Trends and Cycles in Financial Intermediation / Philip R. Lane

Regtech meets financial supervision: how climate scenario analysis by supervisors is ushering in a new regulatory paradigm / Jakob Thomä

Global financial vulnerabilities: Get ready for a bumpy ride / Claudio Borio

A plea for a paradigm shift in financial decision-making in the age of climate change and disruptive technologies / Angela Köppl, Sigrid Stagl

A Financial Union for the Euro Area / Poul M. Thomsen

A Green Supporting Factor — The Right Policy? / Jacob Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen

Preserving regulatory certainty: The review of insurers’ capital requirements / Gabriel Bernardino

Central banks should reflect climate risks in monetary policy operations / Pierre Monnin

21st century cash: Central banking, technological innovation and digital currencies / Fabio Panetta

Green bond finance and certification / Torsten Ehlers, Frank Packer

The future for central bank balance sheets and their potential use as a macroprudential tool / Paul Fisher

A solid common landing ground for EMU / Jeroen Dijsselbloem

Temporary Eurobill Fund (TEF): 30 FAQs / Graham Bishop

Strengthening the euro area Architecture: A proposal for Purple bonds / Lorenzo Bini Smaghi, Michala Marcussen

Modern financial repression in the euro area crisis: making high public debt sustainable? / Ad van Riet

Populism and Central Bank Independence / Donato Masciandaro, Francesco Passarelli

Central Bank Accountability and Judicial Review / Charles Goodhart, Rosa Lastra

Opportunities and challenges for banking regulation and supervision in the digital age / José Manuel González-Páramo

In the euro area, discipline is of the essence, but risk-sharing is no less important / Daniel Daianu

European Monetary Union reform preferences of French and German parliamentarians / Sebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj

Credit conditions and corporate investment in Europe / Laurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher

Euro area quantitative easing: Large volumes, small impact? / Daniel Gros

Comparability of Basel risk weights in the EU banking sector / Zsofia Döme, Stefan Kerbl

The New Silk Road: Implications for Europe / Stephan Barisitz, Alice Radzyner

Fairness and Support for the Reforms: Lessons from the Transition Economies / Sergei Guriev

The occasional importance of the current account in an era of a global savings glut / Jesper Berg, Steffen Lind

Deepening the Economic and Monetary Union: the EU priorities by 2025 and beyond / Marco Buti

Risk sharing in EMU: key insights from a literature review / Demosthenes Ioannou, David Schäfer

Recent developments in Chinese shadow banking / Michael Chui, Christian Upper

Is cash back? Assessing the recent increase in cash demand / Clemens Jobst, Helmut Stix

Is there a risk of snapback in long-dated yields? / Hyun Song Shin

Gaming the rules or ruling the game? – How to deal with regulatory arbitrage / Danièle Nouy

International financial crises: new understandings, new data / Jaime Caruana

Technological Change and the Future of Cash / François R. Velde

Banks or platforms: The digital future / Patricia Jackson

The political economy of central banking in the digital age / Sir Paul Tucker

(No) worries about the new shape of international capital flows / Matthieu Bussiére, Julia Schmidt, Natacha Valla

Completing the architecture of the Euro / Lorenzo Bini Smaghi

Bail-ins: Issues of Credibility and Contagion / Clas Wihlborg

Two turbulent centuries: Lessons from Austria’s monetary policy, 1816-2016 / Ernest Gnan, Clemens Jobst

Doves, Hawks and Pigeons: Behavioral Monetary Policy Making / Donato Masciandaro

Ten Myths in the Brexit Debate / David T. Llewellyn

Bank secrecy in offshore centres, capital flows and blacklisting: It takes two to tango / Donato Masciandaro

Some seeming paradoxes or interesting points of Russia’s economy and banking sector / Stephan Barisitz

Gender diversity and monetary policy / Donato Masciandaro, Paola Profeta, Davide Romelli

Cash without future? Future without cash? A wider view / Christian Beer, Urs W. Birchler, Ernest Gnan

Modigliani–Miller, Basel 3 and CRD 4 / Morten Balling

What is money and who says so? / Peter R. Fisher

The effectiveness of monetary policy in a low interest rate environment / Online Workshop / 18 Nov - 19 Nov, 2020

Gender, money and finance / Vienna, Austria / 25 May, 2020 - Postponed

The EU’s “northern” enlargement 25 years on: A comparative stocktaking and outlook / Vienna, Austria / 07 May - 08 May, 2020 - Canceled

Passive versus active asset portfolio management: trends, drivers, risks / Milan, Italy / 19 Feb, 2020

Forging a new future between the UK and the EU / Amsterdam, The Netherlands / 08 Jan, 2020

2021 PhD Fellowship Programme (Monetary & Economic Department) / BIS

“Data science in central banking – data, technologies and applications” Basel, Switzerland, 17–18 March 2021 / BIS

The economic implications of COVID-19 / Princeton BCF

Future Money: Which Road? on September 3, 2020 / ETH-Zürich

EIBURS Research grant: Firm competitiveness, growth and digitalisation / EIB Institute

‘Coronationalism’ vs a geopolitical Europe? EU external solidarity at the time of Covid-19 / CEPS

How to Spend it: A Proposal for a European Covid-19 Recovery Programme / wiiw

Do conventional monetary policy instruments matter in unconventional times? / Lena Tonzer

The EU Recovery Plan - 25 June 2020 / NBB and BFF

Bernazer Prize Nominations - Until 31 May 2020 / Banco de España

Banking & the State - Deadline 31 Aug 2020 / Conference

Banking in a Digital World: Drivers and Trends - 19 May 2020 / EBF

IWH-FIN-FIRE workshop: Challenges to Financial Stability / Lena Tonzer, IWH

Panel discussion evaluating EU/EMU policy responses and proposals / wiiw

Research project on “Evolution of Financial Algorithms and Regulation” M/F / Jean-Edouard Colliard, HEC Paris

Economics of Monetary Union / Paul De Grauwe, LSE

Walking the Highwire: Rebalancing the European Economy in Crisis / Olli Rehn, Bank of Finland

37th Symposium on Money, Banking and Finance - Deadline 22 Feb 2020 / Banque de France

SNB Research Conference 2020: Monetary Policy in a Low Interest Rate Environment / Swiss National Bank

9th European System of Central Banks Day Ahead Conference - Deadline 15 Feb 2020 / De Nederlandsche Bank (DNB)

Upcoming Lectures & Conferences / Belgian Financial Forum

Finance & Migration - Deadline 15 Feb 2020 / Conference

NBRNM 8th Research Conference jointly organized with EIB - Deadline 1 February 2020 / NBRNM & EIB

Finance and Philosophy- Why we’re always suprised / Alex J. Pollock

24.07.2020  - EC -  Coronavirus response: Making capital markets work for Europe’s recovery

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23.07.2020  - ECB - Europe’s response to the crisis, blog post by Christine Lagarde, President of the ECB

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22.07.2020  - ECR - EP resolution on extraordinary European Council meeting 17-21 July 2020

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17-21.07.2020 - Special European Council - Main results: EU leaders agreed a recovery package and the 2021-2027 budget that will help the EU to rebuild after the pandemic and will support investment in the green and digital transitions.

19.07.2020 -  “A strong appeal for ambitious cooperation” - Report by President Charles Michel at the European Parliament on the video conference of the members of the European Council of 19 June 2020

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10.07.2020  - IMF  - Fiscal Policies for a Transformed World, by Vitor Gaspar and Gita Gopinath

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08.07.2020  - European Parliament -  EU leaders prepare timetable and structure for EU budget negotiations

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01.07.2020  - Commission: Assessment of the fiscal stance appropriate for the euro area

The 2020 Stability & Convergence Programmes: An Overview, with an Assessment of the Euro Area Fiscal Stance

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30.06.2020  - BIS - Annual Economic Report 2020
Press release Central banks a stabilising force in response to unprecedented crisis

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26.06.2020   - IZA Institute of Labor Economics - A Literature Review of the Economics of COVID-19 -  DP No. 13411

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25.06.2020  - BPEA Article - Policies for a second wave, by David Baqaee, Emmanuel Farhi, Michael J. Mina, and James Stock

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25.06.2020  - ECB - New Eurosystem repo facility to provide euro liquidity to non-euro area central banks

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24.06.2020  - IMF - The Global Financial Stability Report Update: Financial Conditions Have Eased, but Insolvencies Loom Large

World Economic Outlook Update, June 2020: A Crisis Like No Other, An Uncertain Recovery

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24.06.2020  - The ECB’s monetary policy response to the pandemic: liquidity, stabilisation and supporting the recovery, speech by Philip R. Lane, Member of the Executive Board of the ECB.

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22.06.2020  - Keynote speech delivered by President Werner Hoyer at the Frankfurt Finance Summit "Promoting productivity and sustainability in the time of COVID-19: a twin challenge "

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19.06.2020  - European Council - Video conference of the members of the European Council, 19 June

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17.06.2020  - Bruegel Blog Post - The EU’s recovery fund proposals: crisis relief with massive redistribution, by Zsolt Darvas

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15.06.2020  - IMF blog: Combating COVID-19: How Should Banking Supervisors Respond? By Tobias Adrian  and Ceyla Pazarbasioglu

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10.06.2020  - The ECB’s policy in the COVID-19 crisis – a medium-term perspective, remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at an online seminar hosted by the Florence School of Banking & Finance.

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10.06.2020  - PIIE - A new policy toolkit is needed as countries exit COVID-19 lockdowns, by Olivier Blanchard, Thomas Philippon and Jean Pisani-Ferry

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27.05.2020  - BIS - Countering Covid-19: The nature of central banks’ policy response 
Opening remarks by Agustín Carstens, General Manager of the BIS, at the UBS High-level Discussion on the Economic and Monetary Policy Outlook, Zurich, 27 May 2020

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27.05.2020  - Commission: Recovery Plan Communication: “Europe’s moment: Repair and Prepare for the Next Generation”
Staff working document - Identifying Europe’s recovery needs

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26.05.2020  - ECB - Financial Stability Review, May 2020

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25.05.2020  - EBA - COVID-19 is placing unprecedented challenges on EU banks

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22.05.2020  - BIS - Dealing with Covid-19: understanding the policy choices, by Frederic Boissay, Daniel Rees and Phurichai Rungcharoenkitkul

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19.05.2020  - ECB - Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the Institute for Monetary and Financial Stability Policy Webinar, 19 May 2020 - Pandemic central banking: the monetary stance, market stabilisation and liquidity

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15.05.2020  - ESM -  Board of Governors backs Pandemic Crisis Support

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15.05.2020  - Eurogroup  - Video conference of the Eurogroup:

Main results: Regular format (euro area countries)  - Euro area: economic outlook and challenges

Remarks by Mário Centeno following the Eurogroup videoconference of 15 May 2020
Remarks by Commissioner Gentiloni at the Eurogroup press conference 

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14.05.2020  - BIS - Financial crime in times of Covid-19 - AML and cyber resilience measures, by Juan Carlos Crisanto and Jermy Prenio

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13.05.2020  - ECB - Interview with Andrea Enria, Chair of the Supervisory Board of the ECB, “The current crisis is a wake-up call”

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13.05.2020  - Deutsche Bank Research: Life after covid-19

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13.05.2020  - PIIE - An Economic Update by Fed Chair Jerome H. Powell and Adam S. Posen, President, PIIE.

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13.05.2020  - Commission: Speech by President von der Leyen at the European Parliament Plenary on the new MFF, own resources and the Recovery Plan

 - Tourism and transport: Commission’s guidance on how to safely resume travel and reboot Europe’s tourism in 2020 and beyond

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12.05.2020  - European Parliament resolution on the new multiannual financial framework, own resources and the recovery plan

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11.05.2020  - CEPS: Latest Numbers / Monitoring Covid-19 contagion growth in Europe

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11.05.2020  - Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni and published on 11 May 2020

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08.05.2020 - ESM Pandemic Crisis Support: Explainer, Timeline and Documents: ESM’s role in the European response

                  - Klaus Regling at Eurogroup video press conference

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08.05.2020  - Commission: State aid- Commission expands Temporary Framework

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07.05.2020 - BIS - Effects of Covid-19 on the banking sector: the market’s assessment, by Iñaki Aldasoro, Ingo Fender, Bryan Hardy and Nikola Tarashev

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06.05.2020  - European Commission:  A deep and uneven recession, an uncertain recovery

European Economic Forecast: Spring 2020
Spring 2020 Economic Forecast - Overview
Spring 2020 Economic Forecast - Statistical annex

European Council: Infographic - The EU’s emergency response to the COVID-19 pandemic

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05.05.2020  - Deutsche Bundesbank - Learning from European cooperation in the field of financial stability
by Prof Dr Claudia Buch Vice-President of the Deutsche Bundesbank (Guest contribution published in Süddeutschen Zeitung, in Les Echos and in La Repubblica)

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05.05.2020  - KfW coronavirus aid: loans for companies

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01.15.2020  - ECB Blog - The monetary policy response to the pandemic emergency, by Philip R. Lane

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30.04.2020  - ECB announces new pandemic emergency longer-term refinancing operations

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28.04.2020  - Eurofi: Views on the Covid-19 crisis impacts

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28.04.2020  - SSRN - Papers on Covid-19

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27.04.2020  - The EU Technical Expert Group (TEG) on Sustainable Finance: “Sustainable recovery from the Covid-19 pandemic requires the right tools.”

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27.04.2020 - European Parliament ThinkTank: Developing a pandemic emergency purchase programme: Unconventional monetary policy to tackle the coronavirus crisis

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24.04.2020  - Eurofi article by Elke König, Chair of the SRB - Completing the crisis management framework: a centralized administrative liquidation tool for banks

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23.02.2020  - Conclusions of the President of the European Council following the video conference of the members of the European Council

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22.04.2020  - S&P Global Ratings - How COVID-19 Is Affecting Bank Ratings

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22.04.2020  - ECB takes steps to mitigate impact of possible rating downgrades on collateral availability

ECB blog - Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures, by Luis de Guindos, Vice-President of the ECB, and Isabel Schnabel, Member of the Executive Board of the ECB

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21.04.2020  - CEPS - How is EU cooperation on the Covid-19 crisis perceived in member states? by Sophia Russack / Steven Blockmans

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21.04.2020  - Statement of IMF, ESM and other Regional Financing Arrangements (RFA) on economic impact of COVID-19

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21.04.2020  - The European Council  - A ROADMAP FOR RECOVERY Towards a more resilient, sustainable and fair Europe

Invitation letter by President Charles Michel to the members of the European Council ahead of their video conference on 23 April 2020

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21.04.2020  - ICMA -The European repo market and the COVID-19 crisis An ICMA European Repo and Collateral Council (ERCC) market report

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21.04.2020  - Why we all need a joint European fiscal response,
                     by Fabio Panetta, Member of the Executive Board, ECB, published by Politico

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20.04.2020  - EPIN Report - EU crisis response in tackling Covid-19: Views from the member states, by Sophia Russack (ed.)

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20.04.2020  - IMF - A Global Crisis Like No Other Needs a Global Response Like No Other

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19.04.2020  -  Spain’s non-paper on a European recovery strategy

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17.04.2020  - Deutsche Bundesbank: An expansionary monetary and fiscal policy will in any case remain necessary for some time - Interview with Jens Weidmann, President of the Deutsche Bundesbank, conducted by Jana Randow, Bloomberg.

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16.04.2020  - S&P Global Ratings - Economic Research: COVID-19 Deals A Larger, Longer Hit To Global GDP by Paul Gruenwald, Beth Ann Bovino, Shaun Roache and Sylvain Broyer.

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16.04.2020  - wiiw - Eastern Europe Coronavirus Tracker: Economic impact rising
     Most countries report far fewer cases than in Western Europe, but the macro fallout will still be huge.

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16.04.2020  -  EBRD/LSE panel discussion assess impact and consequences of pandemic - watch video

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16.04.2020  - Bank of England, Monetary policy during pandemics: inflation before, during and after Covid-19, by Silvana Tenreyro

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16.04.2020  - BIS - Covid-19 and operational resilience: addressing financial institutions’ operational challenges in a pandemic

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16.04.2020  - ECB - Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at a 24-Hour Global Webinar co-organised by the SAFE Policy Center on “The COVID-19 Crisis and Its Aftermath: Corporate Governance Implications and Policy Challenges”

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15.04.2020  - European Commission
                     Coronavirus: European roadmap shows path towards common lifting of containment measures

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15.04.2020  - ECB supports macroprudential policy actions taken in response to coronavirus outbreak

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14.04.2020  - FSB Chair updates Finance Ministers and Central Bank Governors on COVID-19 response

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14.04.2020  - IMF - World Economic Outlook, April 2020: Chapter 1
                             World Economic Outlook Reports
                             Fiscal Monitor Reports

IMF blog - The Great Lockdown: Worst Economic Downturn Since the Great Depression, by Gita Gopinath

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13.04.2020  - Opinion of the Helmholtz Initiative “Systemic epidemiological analysis of the COVID-19 epidemic”

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12.04.2020  - ECB -  Interview with Luis de Guindos, Vice-President of the ECB, conducted by Manel Pérez

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10.04.2020  - European Council
Statement by the President of the European Council Charles Michel following the agreement of the Eurogroup

"The agreement of the Eurogroup is a significant breakthrough. More than half a trillion Euros are now available to shield European Union countries, workers and businesses. With this unparalleled package we shoulder the burden of the crisis together. This compromise is aimed at quick targeted relief." Charles Michel, President of the European Council

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10.04.2020  - McKinsey & Comapny - Organization Practice: To weather a crisis, build a network of teams
                     by Andrea Alexander, Aaron De Smet, Sarah Kleinman, and Marino Mugayar-Baldocchi

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09.04.2020  - Eurogroup - Report on the comprehensive economic policy response to the COVID-19 pandemic

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09.04.2020  - European Commission - Oneplanetcrowd raises €1 million growth finance from European Investment Fund

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09.04.2020  - IMF - Confronting the Crisis: Priorities for the Global Economy, By Kristalina Georgieva, IMF Managing Director

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09.04.2020  - ECB Blog - How the ECB is helping firms and households, post by Christine Lagarde, President of the ECB

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08.04.2020  - EIB Group contributes € 5.2 billion to EU response to Covid-19 outside European Union

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08.04.2020  - EBRD - Coronavirus to lead to significant economic contraction across EBRD regions

                     EBRD - Spending to counteract coronavirus creates chance to “tilt to green”

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07.04.2020  - IIF - April 2020 Global Debt Monitor: COVID-19 Lights a Fuse

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07.04.2020  - ECB announces package of temporary collateral easing measures

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06.04.2020  - EIF - Update in relation to the EIF’s response measures to the COVID-19 pandemic
The EIF and EC are launching specific COVID-19 support under InnovFin SME Guarantee Facility (InnovFin SMEG), which is supported by the European Fund for Strategic Investments (EFSI). read more

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06.04.2020  - IMF - An Early View of the Economic Impact of the Pandemic in 5 Charts
                     By John Bluedorn, Gita Gopinath, and Damiano Sandri

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04.04.2020  - Eurogroup - Interview of Mário Centeno with Süddeutsche Zeitung, Le Figaro, La Repubblica, El Pais and Volkskrant

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04.04.2020  - University of Oxford, Research Projects: Oxford COVID-19 Government Response Tracker

                    BSG Working Paper Series: Variation in government responses to COVID-19
Abstract: COVID-19 has prompted a wide range of responses from governments around the world. There is a pressing need for up-to-date policy information as these responses proliferate, and governments weigh decisions about the stringency of their policies against other concerns. We introduce the Oxford COVID-19 Government Response Tracker (OxCGRT), providing a systematic way to track the stringency of government responses to COVID-19 across countries and time. Using a novel index that combines various measures of government responses, we describe variation in government responses, explore whether rising stringency of response affects the rate of infection, and identify correlates of more or less stringent responses. read more

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03.04.2020  -  Initial Budget and Public Management Responses to the Coronavirus (COVID-19) Pandemic in OECD Countries

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03.04.2020  - BIS Bulletin - Covid-19, cash, and the future of payments
                     by Raphael Auer, Giulio Cornelli and Jon Frost

03.04.2020  - Basel Committee sets out additional measures to alleviate the impact of Covid-19

02.04.2020  - BIS Bulletin - Leverage and margin spirals in fixed income markets during the Covid-19 crisis
                     by Andreas Schrimpf, Hyun Song Shin and Vladyslav Sushko 

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02.04.2020  - J.P. Morgan - Impact of COVID-19 on Corporates: Pandemic Prompts Corporates to Navigate Through a New Normal

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02.04.2020  - EIOPA - urges (re)insurers to temporarily suspend all discretionary dividend distributions and share buy backs

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02.04.2020  - Allianz Research - NEW BONDS TO MAKE THE EUROZONE SAFER

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02.04.2020  - ESM blog - The time for solidarity in Europe is now – a concerted European financial response to the corona-crisis

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02.04.2020  - Bloomberg Opinion - Coronabonds Could Save Europe, or Sink It, by Andreas Kluth

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02.04.2020  - Liberty Street Economics - The Value of Opacity in a Banking Crisis, by Haelim Anderson and Adam Copeland

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01.04.2020  - The Single Resolution Board (SRB) - publishes key bank resolution policy: Expectations for Banks

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01.04.2020  - PIIE - After its COVID-19 emergency, Europe should issue joint recovery bonds
                     by Jacob Funk Kirkegaard

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01.04.2020  - IMF blog - Economic Policies for the COVID-19 War 
                     by Giovanni Dell’Ariccia, Paolo Mauro, Antonio Spilimbergo, and Jeromin Zettelmeyer

31.03.2020  - IMF blog - Maintaining Banking System Safety amid the COVID-19 Crisis
                     by Tobias Adrian and Aditya Narain

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31.03.2020  - BlackRock Macro Insights - Policy makers seek to curtail coronavirus jobs hit

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31.03.2020  - By WIIW Economists  - Eastern Europe Coronavirus tracker: Preparing for the worst

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30.03.2020  - German Council of Economic Experts – The economic outlook in the coronavirus pandemic: Special Report 2020

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30.03.2020  - SAFE - Corona and Financial Stability 3.0: Try equity - risk sharing for companies, large and smal
                     by A. Boot, E. Carletti, H. Kotz, JP Krahnen, L. Pelizzon, M. Subrahmanyam

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30.03.2020  - CEPS Research Paper - Monitoring Covid-19 contagion growth in Europe
                    by Arianna Agosto, Alexandra Campmas, Paolo Giudici and Andrea Renda

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30.03.2020  - BIS speech - Bold steps to pump coronavirus rescue funds down the last mile, by Agustín Carstens
The financial turbulence unleashed by the coronavirus pandemic revives unhappy memories of the 2008 financial crisis. The outward symptoms of falling asset prices and tighter credit conditions are similar, but there are important differences. These differences matter, as the response now needs to go beyond the earlier playbook. read more

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30.03.2020  - Council - Covid-19: Measures for the immediate release of funds

The Council today adopted two legislative acts to quickly release funding from the EU budget for tackling the COVID-19 crisis. One of the acts amends the rules of the structural and investment funds, while the other extends the scope of the EU Solidarity Fund. The Coronavirus Response Investment Initiative will give member states access to €37 billion of cohesion money to strengthen healthcare systems, as well as support small and medium-sized enterprises, short-term working schemes, and community-based services.

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30.03.2020  - EBF - Joint Finance Sector Social Partners Statement on Covid-19
The European social partners in the financial services sector – UNI Europa Finance, the Banking Committee for European Social Affairs of the European Banking Federation (EBF BCESA), the European Savings and Retail Banking Group (ESBG), the European Association of Cooperative Banks (EACB), Insurance Europe, the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), and the European Federation of Insurance Intermediaries (BIPAR) – would like to express their sincere sympathy to everyone directly suffering because of the Covid-19 pandemic and to profoundly thank all those risking their own health to save lives. read more

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28.03.2020  - McKinsey & Company - Global surveys of consumer sentiment during the coronavirus crisis

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27.03.2020  - J.P. Morgan - Fallout from COVID-19: Global Recession, Zero Interest Rates and Emergency Policy Actions

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27.03.2020  - OECD - updates G20 summit on outlook for global economy

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27.03.2020  - ECB Banking Supervision - Flexibility in supervision: how ECB Banking Supervision is contributing to fighting the economic fallout from the coronavirus

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27.03.2020  - BIS - Governors and Heads of Supervision announce deferral of Basel III implementation to increase operational capacity of banks and supervisors to respond to Covid-19

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26.03.2020  - Please find below the links to today’s statements of the EBA and the ESMA on the accounting implications of Covid-19 outbreak together with the EBA statements on consumer and payment issues and postponed EBA activities in light of Covid-19

• ESMA statement - IFRS9
• EBA statement - default, forbearance and IFRS9
• EBA statement - consumer and payments issues
• EBA statement- postponed EBA activities 

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26.03.2020  - Universität Zürich, Department of Economics - Positionspapier Coronavirus 

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26.03.2020 - Project Syndicate - The Race Between Economics and COVID-19, by Mohamed A. El-Erian

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26.03.2020  - Imperial-College-COVID19-Global-Impact-26-03-2020.pdf

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26.03.2020  - FT - Coronavirus tracked: the latest figures as the pandemic spreads | Free to read

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25.03.2020  - EBA provides clarity to banks and consumers on the application of the prudential framework in light of COVID-19 measures

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25.03.2020  - Bruegel - The Sound of Economics Live: Banks and Loan Losses in the Pandemic Turmoil 

Observations by Bruegel’s Senior Economist Nicolas Veron. A recording of the webcast can be accessed via https://www.bruegel.org/events/the-sound-of-economics-live-banks-and-loan-losses-in-the-pandemic-turmoil/

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25.03.2020  - McKinsey & Company — Coronavirus: Leading through the crisis 

                    Safeguarding our lives and our livelihoods: The imperative of our time

                    COVID-19: Implications for business

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24.03.2020  - ESM - Press releases - Klaus Regling at Eurogroup video press conference.

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24.03.2020  - ECB - Working Paper Series - No 2381 "Real-time weakness  of the global economy:  a first assessment of  the coronavirus crisis", by Danilo Leiva-Leon, Gabriel Perez-Quiros, Eyno Rots

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24.03.2020 -  IMF - Policy-Responses-to-COVID-19
This policy tracker summarizes the key economic responses governments are taking to limit the human and economic impact of the COVID-19 pandemic as of March 24, 2020. The tracker includes G-20 economies and the European Union/Euro Area. 

IMF Podcasts - Kristalina Georgieva on Human, Economic Costs of Covid-19
The coronavirus pandemic is having a profound impact on lives and economies around the world. In this podcast, we hear IMF Managing Director Kristalina Georgieva’s statement following her call with G20 Finance Ministers and Central Bank Governors, where they discussed the extraordinary circumstances of the health crisis and the extraordinary measures it will take to mitigate its economic impact.

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23.03.2020  - William De Vijlder, Group Chief Economist, BNP Paribas
                     blog - Faced with a sudden stop, policy switches to a ‘whatever it takes’ mode

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23.03.2020  - CEPS - Topics on  Covid-19

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23.03.2020  - ESMA - COVID 19

                     ESMA clarifies position on call taping under MiFID II

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23.03.2020  - KPMG - UK Economic Outlook March 2020

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22.03.2020  - Princeton University - COVID-19 SME Evergreening Proposal: Inverted Economics
                     Markus Brunnermeier and Arvind Krishnamurthy 

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22.03.2020  - IIF - 5-Step Policy Response Plan for COVID-19

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21.03.2020 -  Interview with Isabel Schnabel,
                     Member of the Executive Board of the ECB, conducted by Patrick Bernau and Dennis Kremer

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20.03.2020  - Financial Stability Board 
                     FSB coordinates financial sector work to buttress the economy in response to COVID-19.
                     read more

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20.03.2020  - FMA - Current information about COVID-19 Measures

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20.03.2020  - BIS Press release - "Basel Committee coordinates policy and supervisory response to Covid-19"

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20.03.2020  - ECB Banking Supervision announced that it was providing further flexibility to banks in reaction to COVID-19.

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20.03.2020  - Centralbanking - Will cash survive Covid-19?
                    Fears are emerging that banknotes may carry the coronavirus. Are they justified?
                    by Rachael King Alice Shen

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19.03.2020  - ECB
                    The ECB blog - Christine Lagarde writes about the current measures in her ECB blog.

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19.03.2020  - Coronavirus: The Hammer and the Dance, by Tomas Pueyo

What the Next 18 Months Can Look Like, if Leaders Buy Us Time
Summary of the article: Strong coronavirus measures today should only last a few weeks, there shouldn’t be a big peak of infections afterwards, and it can all be done for a reasonable cost to society, saving millions of lives along the way. If we don’t take these measures, tens of millions will be infected, many will die, along with anybody else that requires intensive care, because the healthcare system will have collapsed.read more

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17.03.2020  -  Princeton University- Throwing a COVID-19 LIQUIDITY LIFE-LINE
                      Markus Brunnermeier, Jean-Pierre Landau, Marco Pagano and Ricardo Reis

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16.03.2020  -  Coronavirus outbreak: EIB Group’s response to the pandemic

An immediate response to the crisis
The EIB Group has proposed a plan to mobilise up to €40 billion of financing. This will go towards bridging loans credit holidays and other measures designed to alleviate liquidity and working capital constraints for SMEs and mid-caps. The EIB Group, including the European Investment Fund, which specialises in support for SMEs, will work through financial intermediaries in the Member States and in partnership with national promotional banks.

The proposed fi

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Do We Need Central Bank Digital Currency? Economics, Technology and Institutions / by Ernest Gnan and Donato Masciandaro

Shadow Banking: Financial Intermediation beyond Banks / by Esa Jokivuolle

The Financial System of the Future / Oesterreichische Nationalbank

New Challenges in Central Banking: Monetary Policy Governance and Macroprudential Issues / by Ernest Gnan and Donato Masciandaro

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Central Banking and Monetary Policy: what will be the post-crisis new normal? / by Ernest Gnan and Donato Masciandaro

The SSM at 1 / by Jens Ulbrich, Carl-Christoph Hedrich and Morten Balling

Banking Reform / by Patricia Jackson

The state as an intermediary to foster long-term investments: the case of the targeted European savings account / Hans-Peter Burghof, Carola Müller

Cash on Trial / by Christian Beer, Ernest Gnan and Urs W. Birchler

Liquidity and Market Efficiency – Alive and well? / by Esa Jokivuolle and Jouko Vilmunen

Asset-Liability Management with Ultra-low Interest Rates / by Ernest Gnan and Christian Beer

Challenges in Securities Markets Regulation: Investor Protection and Corporate Governance / by Pablo Gasós, Ernest Gnan and Morten Balling

Money, Regulation and Growth: Financing New Growth in Europe / by Marc Quintyn, Donato Masciandaro, Frank Lierman and Morten Balling

Banking After Regulatory Reforms - Business as Usual? / by Esa Jokivuolle and Jouko Vilmunen

The Value of Banks and Their Business Models to Society / by Allard Bruinshoofd and Jakob de Haan

The Effectiveness of Capital Adequacy Measures in Predicting Bank Distress / by David Mayes and Hanno Stremmel

The Future of Sovereign Borrowing in Europe / by Morten Balling, Ernest Gnan and Johannes Holler

Property Prices and Real Estate Financing in a Turbulent World / by Morten Balling and Jesper Berg

States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives / by Morten Balling, Ernest Gnan & Patricia Jackson

States, Banks, and the Financing of the Economy: Fiscal Policy and Sovereign Risk Perspectives / by Morten Balling, Peter Egger & Ernest Gnan

The Interaction of Political, Fiscal and Financial Stability: Lessons from the Crisis / by Ernest Gnan

Developing Distress Resolution Procedures for Financial Institutions / by Clas Wihlborg

The ESRB at 1 / by Stefan Gerlach, Ernest Gnan and Jens Ulbrich

Future Risks and Fragilities for Financial Stability / by David T. Llewellyn and Richard Reid

New Paradigms in Banking, Financial Markets and Regulation? / by Morten Balling, Frank Lierman, Freddy Van den Spiegel, Rym Ayadi and David T. Llewellyn

New Paradigms in Monetary Theory and Policy? / by Morten Balling and David T. Llewellyn

Roles, Missions and Business Models of Public Financial Institutions in Europe / by Mathias Schmit, Laurent Gheeraert, Tierry Denuit, Cédric Warny

Divergence of Risk Indicators and the Conditions for Market Discipline in Banking / by Jens Forssbaeck

Monetary Policy After the Crisis / by Ernest Gnan, Ryszard Kokoszczynski, Tomasz Łyziak & Robert McCauley

Regulation and Banking After the Crisis / by Frank Browne, David T. Llewellyn and Philip Molyneux

The Future of Banking in CESEE after the Financial Crisis / by Attila Csajbók and Ernest Gnan

Contagion and Spillovers: New Insights from the Crisis / by Peter Backé, Ernest Gnan and Philipp Hartmann

The Quest for Stability: The Financial Stability View / by Morten Balling, Jan Marc Berk and Marc-Olivier Strauss-Kahn

The Quest for Stability: The View of Financial Institutions / by Morten Balling, Jan Marc Berk and Marc-Olivier Strauss-Kahn

The Quest for Stability: The Macro View / by Morten Balling, Jan Marc Berk and Marc-Olivier Strauss-Kahn

Crisis Management at Cross-Roads - Challenges facing cross-border financial institutions at the EU level / by Rym Ayadi, Morten Balling and Frank Lierman

Design, Structure and Implementation of a Modern Deposit Insurance Scheme / by Beat Bernet and Susanna Walter

Productivity in the Financial Services Sector / by Morten Balling, Ernest Gnan, Frank Lierman and Jean-Pierre Schoder

Financing SMEs in Europe / by Morten Balling, Beat Bernet and Ernest Gnan

Current Trends in the Russian Financial System / by Morten Balling

The Failure of Northern Rock: A multi-dimensional Case Study / by Franco Bruni and David T. Llewellyn

Asset Management in Volatile Markets / by Morten Balling, Ernest Gnan and Catherine Lubochinsky

Monetary Policy, Regulation and Volatile Markets / by Morten Balling, Ernest Gnan and Catherine Lubochinsky

Macroeconomic Differentials and Adjustment in the Euro Area / by Iulia Siedschlag

Commodities, Energy and Finance / by Ernest Gnan and Már Gudmundsson

Monetary Policy Transmission in Poland: A Study of the Importance of Interest Rate and Credit Channels / by Tomasz Łyziak, Jan Przystupa and Ewa Wróbel

Governance of Financial Supervisors and its Effects – a Stocktaking Exercise / by Marc Quintyn

Corporate Governance in Financial Institutions / by Spyros G. Stavrinakis; Christian Harm; David T. Llewellyn; Bridget Gandy, Peter Shaw, Peter Tebbutt and Mark Young

Economic Convergence in South-Eastern Europe: Will the Financial Sector deliver? / by Valerie Herzberg and Max Watson

Information and Uncertainty in the Theory of Monetary Policy / by Helmut Wagner

The Adoption of the Euro, Choice of Currency Regime and Integration of Payment Systems / by Michael C. Bonello, George M. von Furstenberg, Kari Kemppainen/Sinikka Salo

Macroeconomic Adjustment in the New EU Member States / by Jürgen von Hagen and Iulia Traistaru-Siedschlag

Measuring Scale Economies in a Heterogeneous Industry: The Case of European Settlement Institutions / by Patrick van Cayseele and Christophe Wuyts

Visions about the Future of Banking / by Hans J. Blommestein

Fiscal Issues in the New EU Member Countries: Prospects and Challenges / by Helmut Wagner

Inflation Targeting and its Effects on Macroeconomic / by Thórarinn G. Pétursson

Internationalization of Banks: Strategic Patterns and Performance / by Alfred Slager

Banking Mergers and Acquisitions in the EU: Overview, Assessment and Prospects / by Rym Ayadi and Georges Pujals

Trends in Competition and Profitability in the Banking Industry: A Basic Framework / by Jacob A. Bikker and Jaap S.B. Bos

Will the Adoption of Basel II Encourage Increased Bank Merger Acticity? Evidence from the United States / by Timothy H. Hannan and Steven J. Pilloff

Two new measures of banking efficiency / Riccardo Brogi and Paolo Santella

From floating to monetary union: The economic distance between exchange rate regimes / Eduard H. Hochreiter and Pierre L. Siklos

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Monetary and Financial Thinking in Europe: Evidence from Four Decades of SUERF / by Jean-Paul Abraham

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The Theory of Financial Intermediation, An Essay on What it Does (Not) Explain / by Bert Scholtens and Dick van Wensveen

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Ongoing Changes in the Business Cycle - Evidence and Causes / by Thomas Dalsgaard, Jørgen Elmeskov, Cyn-Young Park

Is there a Future for Regional Banks and Regional Exchanges? The Strategies of Selected Austrian Finance Institutions / by David T. Llewlleyn, R. Ortner, H. Stepic, St.K. Zapotocky

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Implications of Globalisation for Monetary Policy / by Helmut Wagner

Financial System Transition in Central Europe: The First Decade / by Thomas Reininger, Franz Schardax and Martin Summer

Italian Mutual Banks: Performance, Efficiency and Mergers and Acquisitions / by Juan Sergio Lopez, Alessandra Appennini, and Stefania P.R. Rossi & Roberto Di Salvo, Maria Carmela Mazzilis,and Andrea Guidi

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