SUERF Policy Notes and Briefs

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Date	Title	Author(s)
24 Sep, 2026	Will demographic shifts cool business dynamism in Europe? Policy Brief 1575	Igor Fedotenkov \| European Commission Anneleen Vandeplas \| European Commission
24 Sep, 2026	Prohibiting monetary financing: Europe’s firewall between monetary and fiscal policy Policy Brief 1574	Guido Wolswijk \| European Central Bank (ECB)
24 Sep, 2026	Europe is writing its own AI trade story Policy Brief 1573	Sylvain Broyer \| S&P Global Ratings Aude Guez \| S&P Global Ratings Arnaud Barrat \| S&P Global Ratings
24 Sep, 2026	Tokenizing central bank money on public blockchains Policy Brief 1572	Ulrich Bindseil \| Frankfurt School of Finance and Management Benjamin Duve \| Independent Researcher
24 Sep, 2026	The role of heat waves and droughts in regional EU economies Policy Brief 1571	Sarah Spiteri \| Central Bank of Malta Leonore Lebouteiller \| Banque centrale du Luxembourg Nicole Vorderobermeier \| Deutsche Bundesbank Mar Delgado-Tellez \| Banco de España Andrej Ceglar \| European Commission Joint Research Centre Andrea Toreti \| European Commission Joint Research Centre
24 Sep, 2026	Beyond algorithm testing: Measuring collective behaviour risk in AI-driven financial markets Policy Brief 1570	Amir Naser Hojati \| Independent Researcher
24 Sep, 2026	Austria one century apart: Does the memory of hyperinflation still shape inflation expectations? Policy Brief 1569	Antoine Camous \| Banque de France Natalia Garcia Soto \| OECD
17 Sep, 2026	Preparing for geopolitical risk Policy Note 423	Stephan Fahr \| European Central Bank (ECB) Maciej Grodzicki \| European Central Bank (ECB) Grzegorz Halaj \| European Central Bank (ECB) Christoffer Kok \| European Central Bank (ECB) Chiara Murelli \| European Central Bank (ECB) Stella Riga \| European Central Bank (ECB) Maria de la Paz Victorero Gonzalez \| European Central Bank (ECB) Alina Zaharia-Rotaru \| European Central Bank (ECB)
17 Sep, 2026	Direct holding and control of financial assets: An alternative to tokenization Policy Note 422	Alistair Milne \| Loughborough University
17 Sep, 2026	When labor-market pressure becomes inflation: The role of price pass-through Policy Brief 1568	Elton Beqiraj \| Sapienza University of Rome Mirabela Bik \| Sapienza University of Rome Giovanni Di Bartolomeo \| Sapienza University of Rome
17 Sep, 2026	Monetary policy and the rigidity of firm employment expectations Policy Brief 1567	Martin Groiss \| University of Duisburg-Essen David Sondermann \| European Central Bank (ECB)
17 Sep, 2026	Currency and sovereign bond privilege: A euro area perspective Policy Brief 1566	Caspar Helmus \| Deutsche Bundesbank Kathi Schlepper \| Deutsche Bundesbank
17 Sep, 2026	A boost from AI in ageing societies? Early insights Policy Brief 1565	Christophe Andre \| OECD Matthias Schief \| OECD
17 Sep, 2026	Embracing carbon uncertainty in portfolio construction Policy Brief 1564	Dora Xia \| Bank for International Settlements (BIS) Omar Zulaica \| Bank for International Settlements (BIS)
10 Sep, 2026	When it comes to FDI motives, not all sectors are alike: Disaggregated evidence about the role of distance for FDI Policy Brief 1563	Nicola Rebmann \| DZ BANK Research Konstantin M. Wacker \| Webster Vienna Private University
10 Sep, 2026	Digital euro: Long-term implications for liquidity and funding costs in the German banking system Policy Brief 1562	Ulrich Krueger \| Deutsche Bundesbank Lui-Hsian Wong \| Deutsche Bundesbank
10 Sep, 2026	The role of judgement in supervisory scores and additional capital requirements assigned to banks Policy Brief 1561	Gabriel Bobeica \| European Central Bank (ECB) Silviu Oprica \| European Central Bank (ECB)
10 Sep, 2026	Louder than rates: Do central banks systematically decide how much to say? Policy Brief 1560	Tiziana Assenza \| Toulouse School of Economics Fabrice Collard \| Toulouse School of Economics Dogukan Guney \| Toulouse School of Economics Philipp Wangner \| University of Mannheim
10 Sep, 2026	Unlocking mortgage risk transfer: Why securitisation floor calibration and insurer access must move together Policy Note 421	Georges Duponcheele \| Great Lakes Insurance SE Jeremy Hermant \| Great Lakes Insurance SE Tamar Joulia-Paris \| IACPM Veronique Ormezzano \| VYGE Consulting
10 Sep, 2026	Privacy in wholesale cross-border payments: Assessing Project Agorá Policy Note 420	Jan Camenisch \| Category Labs Thomas Moser \| Swiss National Bank
10 Sep, 2026	Central bank profits and what can be done about them Policy Note 419	Paul Wessels \| Independent consultant
3 Sep, 2026	Capital cliffs in EU securitisation rules: Designing prudential safeguards without procyclical tripwires Policy Note 418	Michael Bennett \| Arch Insurance (EU) dac Georges Duponcheele \| GLISE Tamar Joulia-Paris \| IACPM Veronique Ormezzano \| VYGE Consulting William Perraudin \| Risk Control
3 Sep, 2026	An analysis of euro area dealer banks’ sovereign bond holdings Policy Note 417	Maurizio Marinaro \| European Central Bank (ECB) Natalia Podlich \| European Central Bank (ECB) Martin Saldias \| Banco de Portugal Martin Scheicher \| European Central Bank (ECB)
3 Sep, 2026	How is climate change adaptation integrated into the EU prudential framework? Policy Brief 1559	Stephane Dees \| Banque de France Maria Nieto \| London School of Economics (LSE) Chryssa Papathanassiou \| International Hellenic University
3 Sep, 2026	Financial and real effects of fiscal risk Policy Brief 1558	Denis Gorea \| Bank for International Settlements (BIS) Ding Xuan Ng \| Bank for International Settlements (BIS) Fabrizio Zampolli \| Bank for International Settlements (BIS)
3 Sep, 2026	Diverging wage dynamics in Slovakia: Public sector growth amid private stagnation Policy Brief 1557	Andre Casalis \| National Bank of Slovakia Michal Doliak \| National Bank of Slovakia Viera Mrazikova \| National Bank of Slovakia
3 Sep, 2026	More than words: How Europe’s central banks communicate in uncertain times Policy Brief 1556	Francesca Caselli \| International Monetary Fund (IMF) Luisa Charry \| International Monetary Fund (IMF) Larry Cui \| International Monetary Fund (IMF) Pragyan Deb \| International Monetary Fund (IMF) Allan Dizioli \| International Monetary Fund (IMF) Alexandra Fotiou \| International Monetary Fund (IMF) Ben Park \| International Monetary Fund (IMF) Sebastian Weber \| International Monetary Fund (IMF)
3 Sep, 2026	When invoices go digital: How eInvoicing reshapes credit markets Policy Brief 1555	Alejandro Casado \| Banco de España Marco Giometti \| Universidad Carlos III de Madrid José E. Gutiérrez \| Banco de España David Martínez-Miera \| Universidad Carlos III de Madrid Alexandra Matyunina \| Banco de España Tammaro Terracciano \| IESE Business School
27 Aug, 2026	Chips & tokens at the fault lines: Two stacks in one fragmenting world Policy Note 416	Fabio Natalucci \| Andersen Institute Alessandro Rebucci \| Andersen Institute
27 Aug, 2026	When did the balance sheet become a monetary policy tool? Evidence from the Bank of Italy across the 20th century Policy Brief 1554	Massimiliano Affinito \| Bank of Italy
27 Aug, 2026	Why do FOMC minutes move markets three weeks after the policy decision? Policy Brief 1553	Niklas Humann \| University of Münster Dimitrios Kanelis \| Deutsche Bundesbank Lars H. Kranzmann \| University of Münster Pierre L. Siklos \| Wilfrid Laurier University
27 Aug, 2026	Defence spending – no free lunch Policy Brief 1552	Ben Conigrave \| OECD Young-Hyun Shin \| OECD
27 Aug, 2026	Elections, uncertainty, and the ebb and flow of global capital Policy Brief 1551	Maria Arakelyan \| Joint Vienna Institute (JVI) Tatiana Evdokimova \| Joint Vienna Institute (JVI)
27 Aug, 2026	Italian households’ investments in sovereign securities in the post-pandemic period Policy Brief 1550	Andrea Colabella \| Bank of Italy Angelo Nunnari \| Bank of Italy Silvia Spadafora \| Bank of Italy
27 Aug, 2026	From cheap debt to hard choices Policy Brief 1549	Jens Eisenschmidt \| Morgan Stanley Skander Garchi Casal \| Morgan Stanley Jean-Francois Ouvrard \| Morgan Stanley
20 Aug, 2026	Tracking flights to safety and safe assets on the FLY Policy Brief 1548	Andrea Foschi \| Bank of Italy
20 Aug, 2026	The constraint that became a corridor: Hong Kong's irreplaceable position in the next era of stablecoin finance Policy Brief 1547	Emma Mau \| Independent Researcher
20 Aug, 2026	The heterogeneous bank lending channel of monetary policy Policy Brief 1546	Jorge Abad \| European Central Bank (ECB) Saki Bigio \| University of California Salomon Garcia-Villegas \| CUNEF Universidad Joel Marbet \| Banco de España Galo Nuno \| Banco de España
20 Aug, 2026	The missing pass-through to bank deposit rates: The role of deposit funding and market power Policy Brief 1545	Simone Auer \| Bank of Italy Antonio M. Conti \| Bank of Italy Paolo Farroni \| Bank of Italy
20 Aug, 2026	Northern InSights: What local-language news reveal about geopolitical risk in a small open economy Policy Brief 1544	Gene Ambrocio \| Bank of Finland Zuzana Fungacova \| Bank of Finland Joni Heikkinen \| Bank of Finland Eeva Kerola \| Bank of Finland Iikka Korhonen \| Bank of Finland Anni Norring \| International Monetary Fund (IMF)
20 Aug, 2026	Dollar dominance: A source of dollar volatility? Policy Brief 1543	Cara Bordier \| University of St. Gallen Lukas Frei \| Swiss National Bank Simon Stalder \| Swiss National Bank
20 Aug, 2026	Optimal macroprudential policy and bank capital in open economies Policy Brief 1542	Dudley Cooke \| Banco de Portugal Tatiana Damjanovic \| Durham University
13 Aug, 2026	Friend, not foe? Monetary policy and energy prices Policy Brief 1541	Goekhan Ider \| Freie Universität Berlin Alexander Kriwoluzky \| Freie Universität Berlin Frederik Kurcz \| Freie Universität Berlin Ben Schumann \| Humboldt University of Berlin
13 Aug, 2026	When tariffs flip the textbook: Deep learning and the non-linear macroeconomics of trade policy Policy Brief 1540	Massimo Ferrari Minesso \| European Central Bank (ECB) Carla Fenzel \| European Central Bank (ECB)
13 Aug, 2026	Not just mood: Confidence measures and labour market fluctuations Policy Brief 1539	Marta Garcia-Rodriguez \| Banco de España Clemente Pinilla-Torremocha \| Bank of England
13 Aug, 2026	The uneven recovery of real wages in the euro area Policy Brief 1538	Eliana Viviano \| Bank of Italy
13 Aug, 2026	Beyond trade barriers: How trade policy uncertainty weakens foreign direct investment Policy Brief 1537	Hites Ahir \| International Monetary Fund (IMF) Luca Bettarelli \| University of Palermo Davide Furceri \| International Monetary Fund (IMF) Francesco Frangiamore \| University of Palermo Jonathan D. Ostry \| University of Toronto Francesco Scianna \| University of Palermo
13 Aug, 2026	Rare earths, hard choices: How China export controls could ripple through the global economy Policy Brief 1536	Pablo Aguilar \| European Central Bank (ECB) Matthieu Darracq Paries \| European Central Bank (ECB) Valentin Jouvanceau \| Bank of Lithuania Baptiste Meunier \| European Central Bank (ECB) Tajda Spital \| European Central Bank (ECB)
13 Aug, 2026	Conflict, credit and control: How banks reorganise to preserve lending during conflict Policy Brief 1535	Nicola Limodio \| Bocconi University Luca Picariello \| University of Naples Federico II Tom Schwantje \| Bocconi University
6 Aug, 2026	Tokenized deposits: Old wine in new bottles? Policy Note 415	Alistair Milne \| Loughborough University

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SUERF Policy Notes & Briefs