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SUERF Policy Notes

In September 2015, SUERF launched the SUERF Policy Notes series with focus on current financial, monetary or economic issues, designed for policy makers and financial practitioners, authored by renowned experts.
 


Date publishedSUERFIssueTitleAuthor(s)
Mar 2020Policy NoteNo 145A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recoveryErnest Gnan
Mar 2020Policy NoteNo 144Euro Area Economics: Putting the OOH into HICPJacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow
Mar 2020Policy NoteNo 143Central Bank Digital Currency: A PrimerChristian Pfister
Mar 2020Policy NoteNo 142Are Standard Macro and Credit Policies Enough to Deal with the Economic Fallout from a Global Pandemic? A Proposal for a Negative SME TaxThomas Drechsel, Şebnem Kalemli-Özcan
Mar 2020Policy NoteNo 141Reforms, Reversals and the Road Ahead: Lessons from Three Decades of Transition in Central and Eastern EuropeBeata Javorcik
Mar 2020Policy NoteNo 140The Paradox of Endogenous Nationalism and the Role of Quantitative EasingMassimo Morelli
Mar 2020Policy NoteNo 139Capital Regulations and the Management of Credit Commitments during Crisis TimesPaul Pelzl, María Teresa Valderrama
Mar 2020Policy Note No 138Euro Area Economics: Greenflation?Jacob Nell, Joao Almeida, Markus Guetschow
Mar 2020Policy NoteNo 137R-star decline and monetary hysteresisPhurichai Rungcharoenkitkul
Mar 2020Policy NoteNo 136Mortgage Lending and Macroprudential Policy in the UK and USAlan Brener
Feb 2020Policy NoteNo 135Cost-Efficiency and Productivity of euro area banksIvan Huljak, Reiner Martin, Diego Moccero
Feb 2020Policy Note No 134Regulating fintech: what is going on, and where are the challenges?Fernando Restoy
Feb 2020Policy NoteNo 133Making sure your bot colleague is less biased than you!Frank De Jonghe
Feb 2020Policy Note No 132The European Banking UnionMargarita Delgado
Feb 2020Policy NoteNo 131Populism, Economic Policies and Central Banking: an OverviewErnest Gnan, Donato Masciandaro
Feb 2020Policy NoteNo 130European Banking Consolidation: Can a view to the past inform current policy efforts?Peter Hahn
Feb 2020Policy NoteNo 129How Could Central Bank Digital Currencies Be Designed?Itai Agur, Anil Ari, Giovanni Dell’Ariccia
Feb 2020Policy Note No 128Interests and alliancesKlaas Knot
Jan 2020Policy Note No 127Europe’s role in the global financial systemLuis de Guindos
Jan 2020Policy NoteNo 126Bank resolution, the need to recognize reality in order to prepare for the next crisisJesper Berg, Henrik Bjerre-Nielsen
Jan 2020Policy NoteNo 125Should central banks also be supervisors: a political economy perspectiveDonato Masciandaro
Jan 2020Policy Note No 124Economic policy in EMU: What role for fiscal and monetary policy? Which has more scope left? How to combine them?Marco Buti
Jan 2020Policy NoteNo 123DLT-Based Regulatory Reporting - A game changer for the regulatory regime?Daniel Münch, Noah Bellon
Jan 2020Policy NoteNo 122TCFD: strengthening the foundations of sustainable financeMark Carney
Jan 2020Policy NoteNo 121The quest for policy scope: Implications for monetary policy strategiesKlaas Knot
Dec 2019Policy NoteNo 120Investing in Europe’s Competitiveness and SustainabilityWerner Hoyer
Dec 2019Policy NoteNo 119Central bank independence and inflationRyszard Kokoszczyński, Joanna Mackiewicz-Łyziak
Dec 2019Policy NoteNo 118Deposit facility rate, bank reserves, and portfolio reallocation incentivesManuel Buchholz, Kirsten Schmidt, Lena Tonzer
Nov 2019Policy NoteNo 117Euro Area Fiscal Policy: The Factual, the Possible and the SurprisingDaniele Antonucci
Nov 2019Policy NoteNo 116Following “Libra” German banks say: The economy needs a programmable digital euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Nov 2019Policy NoteNo 115Putting macroprudential policy to work: a case study on the Dutch housing marketPaul Hilbers, Marco van Hengel
Nov 2019Policy NoteNo 114Central Banking in challenging timesClaudio Borio
Nov 2019Policy Note No 113Ten years after Lehman, is the financial system safer?Denis Beau
Nov 2019Policy NoteNo 112Inflation In The Eurozone Is Dead. Long Live (The Right Kind Of) InflationSylvain Broyer
Nov 2019Policy NoteNo 111Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvreKarsten Wendorff
Nov 2019Policy NoteNo 110Towards a European Governance Framework for CryptoassetsJason Grant Allen, Rosa María Lastra
Oct 2019Policy NoteNo 109The rise of central banks as sovereign debt holders: Implications for investor basesAlvise Lennkh, Bernhard Bartels, Thibault Vasse
Oct 2019Policy NoteNo 108Libra – a view from EuropeHeike Mai
Oct 2019Policy NoteNo 107Tackling non-performing loans in EuropePeter Grasmann, Markus Aspegren, Nicolas Willems
Oct 2019Policy NoteNo 106Banks’ behavioral reactions to Basel III: mostly as intendedStefan W. Schmitz
Oct 2019Policy Note No 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Oct 2019Policy NoteNo 104On Crypto AssetsAndrei Kirilenko
Sep 2019Policy NoteNo 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
Sep 2019Policy NoteNo 102How to improve crisis management in the banking union: a European FDIC?Fernando Restoy
Sep 2019Policy NoteNo 101Central bank digital currency: institutional issuesWim Boonstra
Sep 2019Policy NoteNo 100Integration and convergence in the EMU: a complex dynamicBruno Cabrillac
Sep 2019Policy NoteNo 99The euro’s global role: past, present and futureArnaud Mehl
Sep 2019Policy NoteNo 98Making the most of the EMU: Challenges and opportunities for structural reformsLuiz de Mello
Sep 2019Policy NoteNo 97Strengthened EU fiscal framework: fiscal discipline versus economic stabilizationBernhard Grossmann, Gottfried Haber
Sep 2019Policy Note No 96Reconciling risk sharing with market discipline: A constructive approach to euro area reformIsabel Schnabel
Sep 2019Policy NoteNo 95Controlling CBDC through tiered remunerationUlrich Bindseil
Sep 2019Policy NoteNo 94Escaping the Trap: Secular Stagnation, Monetary Policy and Financial FragilityMartin Wolf
Sep 2019Policy NoteNo 93European Economic and Monetary Union: from the Past into the FutureJean-Claude Trichet
Aug 2019Policy NoteNo 92Beliefs and Portfolios: New Measurement and FactsStefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus
Aug 2019Policy NoteNo 91How to Make Capitalism Work for All?Anita Angelovska Bezhoska
Aug 2019Policy NoteNo 90Restricting or Abolishing Cash: An Effective Instrument for Eliminating the Shadow Economy, Corruption and Terrorism?Friedrich Schneider
Aug 2019Policy NoteNo 89Central banks still run money creationDaniel Daianu
Aug 2019Policy NoteNo 88Mitigating Fiscal Risks from the Financial SectorLudger Schuknecht
Jul 2019Policy NoteNo 87Loan portfolio diversification in the euro area, capital requirements, and the European Banking UnionEsa Jokivuolle, Matti Virén
Jul 2019Policy NoteNo 86Regulatory complexity and the quest for robust regulationPrasanna Gai, Malcolm Kemp, Antonio Sánchez Serrano, Isabel Schnabel
Jul 2019Policy NoteNo 85Libra: A new competitor among international currencies?Beat Weber
Jul 2019Policy NoteNo 84Main findings from a survey on the long-term impact of Brexit on the UK and EU economiesPatrick Bisciari
Jul 2019Policy NoteNo 83Global economic governance at a crossroadsCarlo Monticelli
Jul 2019Policy NoteNo 82Rethinking Capital Regulation: The Case for a Dividend Prudential Target in the Euro AreaManuel Muñoz
Jun 2019Policy NoteNo 81Bilateral Trade Balances Under FocusFlorence Jaumotte
Jun 2019Policy NoteNo 80A products and activities approach to managing risk in asset managementBarbara Novick
Jun 2019Policy NoteNo 79Financial aspects of BrexitThomas Url
Jun 2019Policy NoteNo 78Central banks are too risk averse as investorsMassimiliano Castelli, Stefan Gerlach
Jun 2019Policy NoteNo 77Thoughts for a third EU Referendum: Revoke Article 50 OR Leave with “a” dealGraham Bishop
Jun 2019Policy NoteNo 76Chinese foreign investment: a dangerous obsession or a new normal? Get ready for the latter!Peter Havlik
Jun 2019Policy NoteNo 75The future of financial stability: Maintaining effectiveness while reducing complexityAndreas Ittner
May 2019Policy NoteNo 74The future of the UK services trade post-Brexit: unlikely to be brightOlga Pindyuk
May 2019Policy NoteNo 73Monetary and financial stability: the implications for prudential supervisionEd Sibley
May 2019Policy NoteNo 72Analysing the Economics of BREXIT and World TradeDavid T. Llewellyn
May 2019Policy NoteNo 71Rethinking the Trade-offs for Monetary Policy in an Era of GlobalizationEnrique Martínez-García
May 2019Policy NoteNo 70The impact of Brexit on growth and the public financesIain Begg
May 2019Policy NoteNo 69The post-crisis Phillips Curve and its policy implications: cumulative wage gap matters for inflationLiviu Voinea
Apr 2019Policy NoteNo 68How to assess the adequacy of capital requirements based on internal models?Susanne Roehrig
Apr 2019Policy NoteNo 67What is „Modern Money Theory“ (MMT)?Beat Weber
Apr 2019Policy NoteNo 66The future of money and paymentsAgustín Carstens
Apr 2019Policy NoteNo 65A New HorizonMark Carney
Apr 2019Policy NoteNo 64The Euro Area: Staying the Course through Uncertainties François Villeroy de Galhau
Apr 2019Policy NoteNo 63The Euro Area: Creating a Stronger Economic EcosystemChristine Lagarde
Mar 2019Policy NoteNo 62Market power: a complex realityPeter Praet
Mar 2019Policy NoteNo 61Beyond voluntary disclosure: why a ‘market-shaping’ approach to financial regulation is needed to meet the challenge of climate changeJosh Ryan-Collins
Mar 2019Policy NoteNo 60Fiscal RulesVitor Gaspar, David Amaglobeli
Mar 2019Policy NoteNo 59New Frontiers in the Euro Debate in IcelandThorsteinn Thorgeirsson
Feb 2019Policy NoteNo 58Disintermediation and re-intermediation effects of the CSPPÓscar Arce, Ricardo Gimeno, Sergio Mayordomo
Feb 2019Policy NoteNo 57Creating an enabling environment for innovation and digitalisationDebora Revoltella, Tim Bending, Christoph Weiss, Philipp-Bastian Brutscher
Feb 2019Policy NoteNo 56What lies in store for the eurozone? An assessment of the Greek bailout programmes: Has the EU become wiser?Yannis Stournaras
Feb 2019Policy NoteNo 55Europe needs reforms for inclusive growth. Do Europeans agree?Pier Carlo Padoan
Jan 2019Policy NoteNo 54Big tech in finance and new challenges for public policyAgustín Carstens
Jan 2019Policy NoteNo 53The output cost of the global financial crisis: A reappraisal after ten yearsDavid Turner, Patrice Ollivaud
Jan 2019Policy NoteNo 52Monetary Policy beyond normalizationMaria Demertzis
Jan 2019Policy NoteNo 51Africa needs investments beyond its pockets of growthOlivier de Boysson, Clément Gillet
Dec 2018Policy NoteNo 50Business models in prudential policiesIsabelle Vaillant, Marina Cernov
Dec 2018Policy NoteNo 49Bank business models: time to actRudi Vander Vennet
Nov 2018Policy NoteNo 48Trends and Cycles in Financial IntermediationPhilip R. Lane
Nov 2018Policy NoteNo 47Regtech meets financial supervision: how climate scenario analysis by supervisors is ushering in a new regulatory paradigmJakob Thomä
Nov 2018Policy NoteNo 46Global financial vulnerabilities: Get ready for a bumpy rideClaudio Borio
Oct 2018Policy NoteNo 45A plea for a paradigm shift in financial decision-making in the age of climate change and disruptive technologiesAngela Köppl, Sigrid Stagl
Oct 2018Policy NoteNo 44A Financial Union for the Euro AreaPoul M. Thomsen
Oct 2018Policy NoteNo 43A Green Supporting Factor — The Right Policy?Jacob Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen
Sep 2018Policy NoteNo 42Preserving regulatory certainty: The review of insurers’ capital requirementsGabriel Bernardino
Sep 2018Policy NoteNo 41Central banks should reflect climate risks in monetary policy operationsPierre Monnin
Aug 2018Policy NoteNo 4021st century cash: Central banking, technological innovation and digital currenciesFabio Panetta
Jul 2018Policy NoteNo 39Green bond finance and certificationTorsten Ehlers, Frank Packer
Jun 2018Policy NoteNo 38The future for central bank balance sheets and their potential use as a macroprudential toolPaul Fisher
Jun 2018Policy NoteNo 37A solid common landing ground for EMUJeroen Dijsselbloem
Jun 2018Policy NoteNo 36Temporary Eurobill Fund (TEF): 30 FAQsGraham Bishop
May 2018Policy NoteNo 35Strengthening the euro area Architecture: A proposal for Purple bondsLorenzo Bini Smaghi, Michala Marcussen
May 2018Policy NoteNo 34Modern financial repression in the euro area crisis: making high public debt sustainable?Ad van Riet
May 2018Policy NoteNo 33Populism and Central Bank IndependenceDonato Masciandaro, Francesco Passarelli
May 2018Policy NoteNo 32Central Bank Accountability and Judicial ReviewCharles Goodhart, Rosa Lastra
Apr 2018Policy NoteNo 31Opportunities and challenges for banking regulation and supervision in the digital ageJosé Manuel González-Páramo
Apr 2018Policy NoteNo 30In the euro area, discipline is of the essence, but risk-sharing is no less importantDaniel Daianu
Mar 2018Policy NoteNo 29European Monetary Union reform preferences of French and German parliamentariansSebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj
Mar 2018Policy NoteNo 28Credit conditions and corporate investment in EuropeLaurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher
Feb 2018Policy NoteNo 27Euro area quantitative easing: Large volumes, small impact?Daniel Gros
Feb 2018Policy NoteNo 26Comparability of Basel risk weights in the EU banking sectorZsofia Döme, Stefan Kerbl
Jan 2018Policy NoteNo 25The New Silk Road: Implications for EuropeStephan Barisitz, Alice Radzyner
Jan 2018Policy NoteNo 24Fairness and Support for the Reforms: Lessons from the Transition EconomiesSergei Guriev
Jan 2018Policy NoteNo 23The occasional importance of the current account in an era of a global savings glutJesper Berg, Steffen Lind
Dec 2017Policy NoteNo 22Deepening the Economic and Monetary Union: the EU priorities by 2025 and beyondMarco Buti
Nov 2017Policy NoteNo 21Risk sharing in EMU: key insights from a literature reviewDemosthenes Ioannou, David Schäfer
Nov 2017Policy NoteNo 20Recent developments in Chinese shadow bankingMichael Chui, Christian Upper
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
Oct 2017Policy NoteNo 18Is there a risk of snapback in long-dated yields?Hyun Song Shin
Sep 2017Policy NoteNo 17Gaming the rules or ruling the game? – How to deal with regulatory arbitrageDanièle Nouy
Sep 2017Policy NoteNo 16International financial crises: new understandings, new dataJaime Caruana
Aug 2017Policy NoteNo 15Technological Change and the Future of CashFrançois R. Velde
Jul 2017Policy NoteNo 14Banks or platforms: The digital futurePatricia Jackson
Jun 2017Policy NoteNo 13The political economy of central banking in the digital ageSir Paul Tucker
May 2017Policy NoteNo 12(No) worries about the new shape of international capital flowsMatthieu Bussiére, Julia Schmidt, Natacha Valla
Mar 2017Policy NoteNo 11Completing the architecture of the EuroLorenzo Bini Smaghi
Jan 2017Policy NoteNo 10Bail-ins: Issues of Credibility and ContagionClas Wihlborg
Dec 2016Policy NoteNo 9Two turbulent centuries: Lessons from Austria’s monetary policy, 1816-2016Ernest Gnan, Clemens Jobst
Nov 2016Policy NoteNo 8Doves, Hawks and Pigeons: Behavioral Monetary Policy MakingDonato Masciandaro
May 2016Policy NoteNo 7Ten Myths in the Brexit DebateDavid T. Llewellyn
May 2016Policy NoteNo 6Bank secrecy in offshore centres, capital flows and blacklisting: It takes two to tangoDonato Masciandaro
Apr 2016Policy NoteNo 5Some seeming paradoxes or interesting points of Russia’s economy and banking sectorStephan Barisitz
Feb 2016Policy NoteNo 4Gender diversity and monetary policyDonato Masciandaro, Paola Profeta, Davide Romelli
Dec 2015Policy NoteNo 3Cash without future? Future without cash? A wider viewChristian Beer, Urs W. Birchler, Ernest Gnan
Oct 2015Policy NoteNo 2Modigliani–Miller, Basel 3 and CRD 4Morten Balling
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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