• Linkedin
  • Twitter
  • Youtube

SUERF Policy Notes and SUERF Policy Briefs

SUERF Policy Notes & Briefs offer accessible and concise, high-quality, authoritative and informed analysis on topical issues related to European money and finance. They make research by SUERF Member institutions and academic researchers available to the SUERF network and beyond. SUERF Policy Notes & Briefs are published weekly on the SUERF webpage. The views expressed are those of the author(s) and not necessarily those of the institution(s) the author(s) is/are affiliated with.

To submit your findings to the SUERF Policy Note and Brief series please contact suerf@oenb.at.

All SUERF Policy Notes & Briefs  are available in PDF format.

Stay always up to date and subscribe to the monthly SUERF Policy Notes & Briefs Newsletter!


Date publishedSUERFIssueTitleAuthor(s)
Nov 2023Policy BriefNo 741ECB Minimum Reserves - 10% or 10% less Government Bonds?Gunter Deuber, Franz Zobl
Nov 2023Policy BriefNo 738Transmission of interest rate hikes depends on the level of central bank reserves held by banksDaniel Fricke, Stefan Greppmair, Karol Paludkiewicz
Nov 2023Policy BriefNo 734Macroprudential stance assessment: problems of measurement and literature reviewTihana Škrinjarić
Nov 2023Policy NoteNo 326Shrinking the Eurosystem’s footprint without offshoring the euroRobert N McCauley
Oct 2023Policy BriefNo 702A two-tier system of minimum reserve requirements by De Grauwe and Ji (2023): A closer lookClaudia Kwapil
Oct 2023Policy BriefNo 697On the Origins of the Federal Reserve System and Its StructureOwen F. Humpage
Sep 2023Policy BriefNo 689An Unconventional FX Tail Risk StoryCarlos Cañon, Eddie Gerba, Alberto Pambira, Evarist Stoja
Sep 2023Policy BriefNo 683Can monetary policy ignore financial stability risks?Sulkhan Chavleishvili, Manfred Kremer, Frederik Lund-Thomsen
Aug 2023Policy BriefNo 653Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter?Mohamed Belkhir, Sami Ben Naceur, Bertrand Candelon, Woon Gyu Choi, Farah Mugrabi
Jul 2023Policy BriefNo 6342020s vs 1970s: echoes, not a replayMonica Defend, Vincent Mortier
Jun 2023Policy BriefNo 604Back to the future: gold in international reserves as a new stabilizer (again!) of exchange rate systemsAleksandr V. Gevorkyan, Tarron Khemraj
May 2023Policy BriefNo 596Reforming the Monetary System for the Digital AgeBurkhard Drees, Sunil Sharma
May 2023Policy NoteNo 311Getting up from the floorClaudio Borio
Apr 2023Policy NoteNo 309The Digital Euro (CBDC) as a Monetary Anchor of the Financial SystemPeter Bofinger, Thomas Haas
Apr 2023Policy BriefNo 563Regulators as Risk Managers: Macroprudential Policy through a Risk Management LensDaniel Dimitrov, Sweder van Wijnbergen
Mar 2023Policy BriefNo 549CCPs United: the hidden dangers of shared clearing membershipLuitgard A. M. Veraart, Iñaki Aldasoro
Jan 2023Policy BriefNo 504Introduction of the composite indicator of cyclical systemic risk in Croatia: possibilities and limitationsTihana Škrinjarić
Jan 2023Policy BriefNo 502Latent Fragility: Conditioning Banks’ Joint Probability of Default on the Financial CyclePaul Bochmann, Paul Hiebert, Yves Schüler, Miguel Segoviano
Jan 2023Policy NoteNo 295The interplay between too big to fail policies and why it mattersAndré Ebner, Christiane Westhoff
Dec 2022Policy BriefNo 484Monetary and macroprudential policy effectiveness and spilloversLuc Laeven, Angela Maddaloni, Caterina Mendicino
Nov 2022Policy BriefNo 472(R-)Star gazing: Macro drivers suggest real neutral rate may have risen Matthew Luzzetti, Brett Ryan, Justin Weidner, Amy Yang
Nov 2022Policy BriefNo 467A tale of three crises: synergies between ECB tasksKarin Hobelsberger, Christoffer Kok, Francesco Paolo Mongelli
Oct 2022Policy BriefNo 453Under-researched areas of CBDCShalva Mkhatrishvili, Wim Boonstra
Oct 2022Policy BriefNo 439The potential of central bank digital currencies for cross-border paymentsAnneke Kosse, Ilaria Mattei
Sep 2022Policy BriefNo 409A model of system-wide stress simulation: market-based finance and the COVID-19 event Giovanni di Iasio, Giulio Nicoletti, Nicholas Vause
Aug 2022Policy NoteNo 285From SEPA to the digital euro: payments past, present and futureJohannes Asel, Simone Mingione, Petia Niederlaender, Georg Nitsche
Jul 2022Policy BriefNo 366Firm-level expectations and macroeconomic conditions: underpinnings and disagreementMonique Reid, Pierre Siklos
Jul 2022Policy BriefNo 364Uncertainty, non-linear contagion and the credit quality channel: an application to the Spanish interbank marketAdrian Carro, Patricia Stupariu
Jun 2022Policy BriefNo 362On Implementing Macroprudential PolicyItai Agur, Sunil Sharma
Jun 2022Policy BriefNo 360On the psychology of inflation and its implicationsPascal Blanqué
Jun 2022Policy NoteNo 280Should the ECB consider issuing its own securities?Wim Boonstra, Bas van Geffen
May 2022Policy NoteNo 277What business model for the Digital Euro? Lessons from Brazil and SwitzerlandPeter Bofinger, Thomas Haas
May 2022Policy NoteNo 276More than an intellectual game: Exploring the monetary policy and financial stability implications of central bank digital currenciesFabio Panetta
Apr 2022Policy BriefNo 321Would a retail CBDC achieve its intended purpose?Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda
Mar 2022Policy BriefNo 294Preparing for the Financial System of the FutureLael Brainard
Mar 2022Policy BriefNo 292The role of systemic risk spillovers in the transmission of Euro Area monetary policyAlexandros Skouralis
Mar 2022Policy BriefNo 287The implications of demographics, pension systems, and migration for monetary policyMarcin Bielecki, Michał Brzoza-Brzezina, Marcin Kolasa
Feb 2022Policy BriefNo 277Money and psychology of inflation: an investor viewPascal Blanqué
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Dec 2021Policy NoteNo 258The importance of Private Equity and Venture Capital financing for Greentech companies in EuropeHelmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs
Dec 2021Policy BriefNo 236How to steer interest rates in negative territory? An analysis of reserve tiering and interbank market activityLucas Marc Fuhrer, Matthias Jüttner, Jan Wrampelmeyer, Matthias Zwicker
Nov 2021Policy BriefNo 231A Multi-level Network Approach to Spillovers Analysis: An Application to the Maltese Domestic Investment Funds SectorFrancesco Meglioli, Stephanie Gauci
Oct 2021Policy BriefNo 209The one trillion euro CBDC: Issuing a digital euro without disrupting the bank lending channelPaolo Fegatelli
Oct 2021Policy BriefNo 195Is window dressing by banks systemically important?Luis Garcia, Ulf Lewrick, Taja Sečnik
Oct 2021Policy NoteNo 257Systemic Implications of the Bail-in Design: A Precis of our Main TextJ. Doyne Farmer, Charles Goodhart, Alissa M. Kleinnijenhuis
Aug 2021Policy BriefNo 168Monetary Gold and Central Bank CapitalKenneth Sullivan
Aug 2021Policy BriefNo 166Record global FX reserves after COVID shockMichael S Hanson
Aug 2021Policy NoteNo 250Roads for the future: Central Bank Digital Currency (CBDC) and Innovative PaymentsFrançois Villeroy de Galhau
Jul 2021Policy NoteNo 248The Future of BitcoinWim Boonstra
Jun 2021Policy BriefNo 115Understanding the financial risks of nature loss: exploring policy options for financial authoritiesKatie Kedward, Josh Ryan-Collins, Hugues Chenet
Jun 2021Policy BriefNo 112Fund Cross-Holdings and Financial StabilityDaniel Fricke, Hannes Wilke
Jun 2021Policy BriefNo 107Building a more effective financial safety net for poor countriesBruno Cabrillac, Luc Jacolin
May 2021Policy BriefNo 95A digital euro to meet the expectations of EuropeansFabio Panetta
May 2021Policy BriefNo 94Climate risks and collateral: a methodological experimentPierre-François Weber, Bünyamin Erkan, Antoine Oustry, Romain Svartzman
May 2021Policy NoteNo 239How to prevent a too restrictive fiscal policy in Europe?Wim Boonstra
May 2021Policy BriefNo 85Navigating the Digital Transition, Maintaining a Stable Payment SystemDenis Beau
Apr 2021Policy BriefNo 80Fed’s financial stability concerns and monetary policyKlodiana Istrefi, Florens Odendahl, Giulia Sestieri
Apr 2021Policy BriefNo 68Banking union - achievements and challengesLuis de Guindos
Mar 2021Policy BriefNo 56On the Origin of Systemic RiskMattia Montagna, Giovanni Covi, Gabriele Torri
Mar 2021Policy NoteNo 228CBDC: Where is the unique selling proposition?Peter Bofinger,Thomas Haas
Jan 2021Policy NoteNo 220Is the 100% Reserve Reform Finally Getting Topical?Christian Pfister
Jan 2021Policy NoteNo 216Capital Buffer Assignments to Other Systemically Important Institutions in the Euro area – Is the Country Heterogeneity in the EU caused by Regulatory Capture?Michael Sigmund
Dec 2020Policy NoteNo 215Consequences for banks’ business from COVID-19 and policy responsesFrancesco Mazzaferro
Oct 2020Policy NoteNo 201Central banks’ response to the “tragedy on the horizon”François Villeroy de Galhau
Sep 2020Policy BriefNo 28Limits and pitfalls of QE in emerging marketsDaniel Daianu
Jul 2020Policy NoteNo 182Europe’s answer to Libra – potential and prerequisites of a programmable euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Jun 2020Policy NoteNo 179The need for a new financial architecture after CORONA, an opinionFreddy Van den Spiegel
Jun 2020Policy NoteNo 178Covalization: Europe on the Rack Between Globalization and Covid - A Historian’s Perspective on the European Union: Europe and GlobalizationHarold James
May 2020Policy BriefNo 8The currency composition of foreign exchange reservesHiro Ito and Robert N McCauley
May 2020Policy NoteNo 162How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term contextElga Bartsch, Jean Boivin, Philipp Hildebrand
Apr 2020Policy NoteNo 158Overview of Central Bank Digital Currency - State of PlayJohannes Duong
Apr 2020Policy BriefNo 2Politics and Economics of Global CurrenciesPaul De Grauwe
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Apr 2020Policy NoteNo 147Does It Fit? Tweeting on Monetary Policy and Central Bank CommunicationDonato Masciandaro, Davide Romelli, Gaia Rubera
Dec 2019Policy NoteNo 118Deposit facility rate, bank reserves, and portfolio reallocation incentivesManuel Buchholz, Kirsten Schmidt, Lena Tonzer
Nov 2019Policy NoteNo 110Towards a European Governance Framework for CryptoassetsJason Grant Allen, Rosa María Lastra
Oct 2019Policy NoteNo 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Sep 2019Policy NoteNo 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
Jul 2019Policy NoteNo 86Regulatory complexity and the quest for robust regulationPrasanna Gai, Malcolm Kemp, Antonio Sánchez Serrano, Isabel Schnabel
Jun 2019Policy NoteNo 80A products and activities approach to managing risk in asset managementBarbara Novick
Jun 2019Policy NoteNo 78Central banks are too risk averse as investorsMassimiliano Castelli, Stefan Gerlach
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
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
Aug 2018Policy NoteNo 4021st century cash: Central banking, technological innovation and digital currenciesFabio Panetta
Jan 2017Policy NoteNo 10Bail-ins: Issues of Credibility and ContagionClas Wihlborg
Feb 2016Policy NoteNo 4Gender diversity and monetary policyDonato Masciandaro, Paola Profeta, Davide Romelli

© SUERF - The European Money and Finance Forum 2010-2018 .:. Société Universitaire Européenne de Recherches Financières

Privacy Policy .:. Legal notice

Design by draganmarkovic.net