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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)
Feb 2023Policy BriefNo 527Central Bank digital currencies in Africa: catching upEnrique Alberola, Ilaria Mattei
Feb 2023Policy BriefNo 526Consumption Inequality in the Digital AgeKai Arvai, Katja Mann
Feb 2023Policy BriefNo 522Macroprudential FX Regulations: Sacrificing Small Firms for Stability?María Alejandra Amado
Feb 2023Policy BriefNo 520Measuring the Optimum Currency Area properties of the euro area over its 20 years’ historyDavor Kunovac, Diego Rodriguez Palenzuela, Yiqiao Sun
Jan 2023Policy BriefNo 506Is it easy to hide money in the crypto economy? The case of RussiaArmin Ahari, Johannes Duong, Jakob Hanzl, Elsa Maria Lichtenegger, Lukas Lobnik, Andreas Timel
Dec 2022Policy BriefNo 486How do borrowers adjust in a household foreign currency debt crisis?Győző Gyöngyösi, Judit Rariga, Emil Verner
Dec 2022Policy BriefNo 483The Links Between Emerging Market Bond Flows, Exchange Rates and Future Financial ConditionsPeter Hördahl, Giorgio Valente
Nov 2022Policy BriefNo 476Finance in Africa 2022: Navigating the financial landscape in turbulent timesColin Bermingham, Barbara Marchitto, Debora Revoltella
Nov 2022Policy BriefNo 475Do stablecoins alter the monetary policy transmission mechanism?Pietro Cova, Alessandro Notarpietro, Patrizio Pagano, Massimiliano Pisani
Nov 2022Policy BriefNo 460Demystifying wholesale central bank digital currencyFabio Panetta
Oct 2022Policy BriefNo 456Digital players vs. traditional banks: Fierce competition, higher concentration or a trend towards platformization?Laurent Clerc, Timothée Dufour, Pierre Harguindeguy, Stefano Ungaro
Oct 2022Policy BriefNo 451Towards the holy grail of cross-border payments; the interlinking solutionUlrich Bindseil, George Pantelopoulos
Oct 2022Policy BriefNo 441The digital revolution in banking: The old, the new and the uglyJosé María Roldán
Oct 2022Policy BriefNo 439The potential of central bank digital currencies for cross-border paymentsAnneke Kosse, Ilaria Mattei
Sep 2022Policy BriefNo 426Privacy and Central Bank Digital Currency in the Digital EconomyToni Ahnert, Peter Hoffmann, Cyril Monnet
Sep 2022Policy BriefNo 408What can CBDC designers learn from asking potential users? Results from a survey of Austrian residentsSvetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix, Martin Summer
Aug 2022Policy NoteNo 286The optimal quantity of CBDC in the euro areaLorenzo Burlon, Carlos Montes-Galdón, Manuel A. Muñoz, Frank Smets
Aug 2022Policy BriefNo 389Digital Endowments and Comparative AdvantageDario Guarascio, Roman Stöllinger
Jun 2022Policy BriefNo 350The currency channel of global bank leverage: a boost to fund-raising capacityJustine Pedrono
Jun 2022Policy NoteNo 281CBDC and Bank Intermediation in the Euro AreaRamón Adalid, Álvaro Álvarez-Blázquez, Katrin Assenmacher, et al.
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
May 2022Policy BriefNo 329Digital payment behaviour differs significantly across countriesJakob Mølgaard Heisel, Marcus Clausen Brock
Apr 2022Policy BriefNo 321Would a retail CBDC achieve its intended purpose?Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda
Apr 2022Policy NoteNo 275Balancing public and private interests: Crypto, stablecoin and central bank digital currencyWilko Bolt, Vera Lubbersen, Peter Wierts
Mar 2022Policy BriefNo 294Preparing for the Financial System of the FutureLael Brainard
Mar 2022Policy BriefNo 291The Political Economy of Currency UnionsKai Arvai
Feb 2022Policy BriefNo 274Regulating big tech in the public interestAgustín Carstens
Feb 2022Policy BriefNo 273Revisiting the Properties of MoneyIsaiah Hull, Or Sattath
Feb 2022Policy NoteNo 265Austrian conceptions of money and the rise of digital currencyMichael Peneder
Feb 2022Policy BriefNo 270Population ageing and the digital divideSebastian Doerr, Jon Frost, Leonardo Gambacorta, Han Qiu
Dec 2021Policy BriefNo 250Big techs in finance: a new trade-off between efficiency and privacyFrederic Boissay, Torsten Ehlers, Leonardo Gambacorta, Hyun Song Shin
Nov 2021Policy BriefNo 222Central Bank Digital Currencies, Crypto Currencies, and Anonymity: Economics and ExperimentsEmanuele Borgonovo, Stefano Caselli, Alessandra Cillo, Donato Masciandaro, Giovanni Rabitti
Nov 2021Policy BriefNo 217How Pandemics Affect the Financial System: Fintech Adoption, and the Digital DivideOrkun Saka, Barry Eichengreen, Cevat Giray Aksoy
Oct 2021Policy BriefNo 210Exploring DORA - the Digital Operational Resilience Act and its impact on banks and their supervisorsJoachim Wuermeling
Oct 2021Policy BriefNo 209The one trillion euro CBDC: Issuing a digital euro without disrupting the bank lending channelPaolo Fegatelli
Oct 2021Policy BriefNo 207The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital ControlsPhilippe Bacchetta, Rachel Cordonier, Ouarda Merrouche
Oct 2021Policy BriefNo 197How to Design a CBDC? Remuneration, Collateral Haircuts and Quantity ConstraintsKatrin Assenmacher, Aleksander Berentsen, Claus Brand, Nora Lamersdorf
Sep 2021Policy BriefNo 187Can policy boost the international role of currencies? Lessons from international trade invoicingGeorgios Georgiadis, Helena Le Mezo, Arnaud Mehl, Cédric Tille
Aug 2021Policy BriefNo 150Digital euro has potential in the NetherlandsMichiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink
Aug 2021Policy BriefNo 149Regulation of crypto-assets is a must for governments and central banksDaniel Daianu
Aug 2021Policy BriefNo 146Digital payments and European sovereigntyBurkhard Balz
Aug 2021Policy NoteNo 250Roads for the future: Central Bank Digital Currency (CBDC) and Innovative PaymentsFrançois Villeroy de Galhau
Jul 2021Policy BriefNo 138Three questions on the outlook for bankingCarolyn Rogers
Jul 2021Policy BriefNo 134Future Challenges: Old Problems in New ShapesJosé María Roldán
Jul 2021Policy BriefNo 128Effects of a European Unemployment Benefit Scheme on consumption risk sharing and production efficiencyZeno Enders, David Vespermann
Jun 2021Policy BriefNo 119Six ways to bring inflation (expectations) upErnest Gnan
Jun 2021Policy BriefNo 114How to issue a privacy-preserving central bank digital currencyChristian Grothoff, Thomas Moser
May 2021Policy NoteNo 241Digital Disruption: The Inevitable Rise of CBDCChetan Ahya, Derrick Kam, Julian Richers
May 2021Policy BriefNo 95A digital euro to meet the expectations of EuropeansFabio Panetta
May 2021Policy NoteNo 240What Caused The Resurgence In FDI Screening?Simon J. Evenett
May 2021Policy BriefNo 88Strengthening the international role of the euroGergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe
May 2021Policy BriefNo 87Banking regulation and the benefits of international cooperation – views from a banking supervisorJoachim Wuermeling
May 2021Policy BriefNo 85Navigating the Digital Transition, Maintaining a Stable Payment SystemDenis Beau
Apr 2021Policy NoteNo 231The challenges to the banking sector a year after the outbreak of the COVID-19 pandemicPablo Hernández de Cos
Mar 2021Policy BriefNo 60EU – US: Towards renewed transatlantic cooperation?Maartje Wijffelaars, Philip Marey
Mar 2021Policy NoteNo 228CBDC: Where is the unique selling proposition?Peter Bofinger,Thomas Haas
Feb 2021Policy BriefNo 51Digital technologies: a source of a productivity rebound?Gilbert Cette, Sandra Nevoux, Loriane Py
Feb 2021Policy BriefNo 50The rise of digital watchersTill Ebner, Thomas Nellen, Jörn Tenhofen
Jan 2021Policy NoteNo 220Is the 100% Reserve Reform Finally Getting Topical?Christian Pfister
Dec 2020Policy BriefNo 39Thriving in a post-pandemic worldDebora Revoltella, Pedro de Lima
Nov 2020Policy NoteNo 205Retail CBDC Remuneration: The Sign MattersChristian Pfister
Sep 2020Policy NoteNo 195The EU’s “Northern enlargement” 25 years on – stocktaking and some thoughts for the futureErnest Gnan and Robert Holzmann
Sep 2020Policy BriefNo 29A Journey through the Monetary Cyber WorldChristian Pfister
Sep 2020Policy BriefNo 28Limits and pitfalls of QE in emerging marketsDaniel Daianu
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Jul 2020Policy NoteNo 183Retail Central Bank Digital Currencies: means of payment vs store of valueSantiago Fernández de Lis, Pablo Urbiola
Jul 2020Policy NoteNo 182Europe’s answer to Libra – potential and prerequisites of a programmable euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Jun 2020Policy NoteNo 175Towards a wider international role for the euroFrancesco Papadia, Konstantinos Efstathiou
Jun 2020Policy NoteNo 174The international role of the euroMarco Buti
May 2020Policy BriefNo 12An ECB digital currency – a flight of fancy?Yves Mersch
May 2020Policy NoteNo 170International inflation co-movementsPhilip R. Lane
May 2020Policy NoteNo 168Cross-border consolidation in the European banking sector: between dreams and realityJan Van Hove
May 2020Policy NoteNo 167Services are the next – and fast approaching – frontier of global trade and financial services is a sector leading the wayRobert Koopman
May 2020Policy BriefNo 8The currency composition of foreign exchange reservesHiro Ito and Robert N McCauley
May 2020Policy NoteNo 165Monetary policy implications of digital currenciesKatrin Assenmacher
Apr 2020Policy NoteNo 158Overview of Central Bank Digital Currency - State of PlayJohannes Duong
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Mar 2020Policy NoteNo 143Central Bank Digital Currency: A PrimerChristian Pfister
Feb 2020Policy NoteNo 129How Could Central Bank Digital Currencies Be Designed?Itai Agur, Anil Ari, Giovanni Dell’Ariccia
Nov 2019Policy NoteNo 116Following “Libra” German banks say: The economy needs a programmable digital euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Oct 2019Policy NoteNo 108Libra – a view from EuropeHeike Mai
Oct 2019Policy NoteNo 104On Crypto AssetsAndrei Kirilenko
Sep 2019Policy NoteNo 99The euro’s global role: past, present and futureArnaud Mehl
Sep 2019Policy NoteNo 95Controlling CBDC through tiered remunerationUlrich Bindseil
Jul 2019Policy NoteNo 85Libra: A new competitor among international currencies?Beat Weber
Mar 2019Policy NoteNo 59New Frontiers in the Euro Debate in IcelandThorsteinn Thorgeirsson
Feb 2019Policy NoteNo 57Creating an enabling environment for innovation and digitalisationDebora Revoltella, Tim Bending, Christoph Weiss, Philipp-Bastian Brutscher
Aug 2018Policy NoteNo 4021st century cash: Central banking, technological innovation and digital currenciesFabio Panetta
Apr 2018Policy NoteNo 31Opportunities and challenges for banking regulation and supervision in the digital ageJosé Manuel González-Páramo
Nov 2017Policy NoteNo 21Risk sharing in EMU: key insights from a literature reviewDemosthenes Ioannou, David Schäfer
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
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

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