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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)
Nov 2023Policy BriefNo 726How would banks respond to central bank digital currency?Barbara Meller, Oscar Soons
Nov 2023Policy BriefNo 721Has the IMF’s 2021 general SDR allocation been useful? For what and for whom?Isabel Garrido, Irune Solera
Nov 2023Policy BriefNo 716Who Needs an e-Yuan?Christian Pfister, Nicolas de Sèze
Oct 2023Policy BriefNo 697On the Origins of the Federal Reserve System and Its StructureOwen F. Humpage
Oct 2023Policy BriefNo 694The external financial spillovers of CBDCsAlessandro Moro, Valerio Nispi Landi
Sep 2023Policy NoteNo 322Central Banks: Firefighters or Pyromaniacs in Recent Crises?Marc-Olivier Strauss-Kahn
Sep 2023Policy BriefNo 689An Unconventional FX Tail Risk StoryCarlos Cañon, Eddie Gerba, Alberto Pambira, Evarist Stoja
Sep 2023Policy BriefNo 679The current Polycrisis versus the Global Financial CrisisMarc-Olivier Strauss-Kahn
Aug 2023Policy BriefNo 673Macroeconomic News, the Financial Cycle and the Commodity Cycle: the Chinese FootprintFlavia Corneli, Fabrizio Ferriani, Andrea Gazzani
Aug 2023Policy BriefNo 672Explaining the endurance of price level differences in the euro areaHuw Dixon, Pavlos Petroulas, Theodora Kosma
Aug 2023Policy BriefNo 663The drivers of market-based inflation expectations in the euro area and in the USChristian Höynck, Luca Rossi
Jul 2023Policy BriefNo 646CBDC and business cycle dynamics in a New Monetarist New Keynesian modelKatrin Assenmacher, Lea Bitter, Annukka Ristiniemi
Jun 2023Policy BriefNo 612Digital Euro: An assessment of the first two progress reportsDirk Niepelt
Jun 2023Policy BriefNo 604Back to the future: gold in international reserves as a new stabilizer (again!) of exchange rate systemsAleksandr V. Gevorkyan, Tarron Khemraj
Jun 2023Policy NoteNo 312Empowering central bank money for a digital futureMartin Diehl, Constantin Drott
May 2023Policy BriefNo 596Reforming the Monetary System for the Digital AgeBurkhard Drees, Sunil Sharma
May 2023Policy BriefNo 592Debt-for-nature swaps: a two-fold solution for environmental and debt sustainability in developing countries?Quentin Paul, Romain Svartzman, Pierre-François Weber
Apr 2023Policy NoteNo 309The Digital Euro (CBDC) as a Monetary Anchor of the Financial SystemPeter Bofinger, Thomas Haas
Mar 2023Policy BriefNo 534Modeling Semiconductor Export Restrictions and the US-China Trade ConflictMichael Funke, Adrian Wende
Feb 2023Policy BriefNo 522Macroprudential FX Regulations: Sacrificing Small Firms for Stability?María Alejandra Amado
Feb 2023Policy NoteNo 300Geopolitical scenarios for 2023 and beyondFranz Eder
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 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 451Towards the holy grail of cross-border payments; the interlinking solutionUlrich Bindseil, George Pantelopoulos
Sep 2022Policy BriefNo 426Privacy and Central Bank Digital Currency in the Digital EconomyToni Ahnert, Peter Hoffmann, Cyril Monnet
Sep 2022Policy BriefNo 423Country biases in equity portfolios are less pronounced and less irrational than one might thinkMartijn Boermans, Ian Cooper, Piet Sercu, Rosanne Vanpée
Sep 2022Policy BriefNo 416The rise of cross-border financial centresPamela Pogliani, Philip Wooldridge
Aug 2022Policy NoteNo 286The optimal quantity of CBDC in the euro areaLorenzo Burlon, Carlos Montes-Galdón, Manuel A. Muñoz, Frank Smets
Aug 2022Policy BriefNo 406Sustainable finance data for central banks: a new Irving Fisher Committee survey Merve Artman, Pierre Bui Quang, Nadia Esham, Nur Izzati, Leah Kling, David Nefzi, Romana Peronaci, Christine Schlitzer, Christian Schmieder, Ömer Kayhan Seyhun, Bruno Tissot, Elena Triebskorn, Huiming Yang
Aug 2022Policy BriefNo 399The effects of internationally coordinated carbon pricing on the economy and welfareAnne Ernst, Natascha Hinterlang, Alexander Mahle, Nikolai Stähler
Jun 2022Policy BriefNo 350The currency channel of global bank leverage: a boost to fund-raising capacityJustine Pedrono
May 2022Policy NoteNo 277What business model for the Digital Euro? Lessons from Brazil and SwitzerlandPeter Bofinger, Thomas Haas
Apr 2022Policy BriefNo 321Would a retail CBDC achieve its intended purpose?Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda
Apr 2022Policy BriefNo 316Robert Triffin and the search for Asian Monetary UnionIvo Maes, Ilaria Pasotti
Mar 2022Policy BriefNo 299When domestic and foreign QE overlapPaola Di Casola, Pär Stockhammar
Mar 2022Policy BriefNo 295How do Asian central banks use big data? Insights from an Irving Fisher Committee surveyGiulio Cornelli, Sebastian Doerr, Leonardo Gambacorta, Bruno Tissot
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 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 272Global models for a global pandemic: the impact of COVID-19 on small euro area economiesPablo Garcia, Pascal Jacquinot, Črt Lenarčič, Matija Lozej, Kostas Mavromatis
Nov 2021Policy BriefNo 221External Costs of Freight Transport – Relevance and Implications of Internalisation at the European LevelElisabeth Christen, Bettina Meinhart, Franz Sinabell, Gerhard Streicher
Nov 2021Policy BriefNo 220Consumption and service sector key factors in the COVID-19 trade collapseHeli Simola
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
Sep 2021Policy BriefNo 179The relevance of trade policy: Evidence from the 19th centuryJacopo Timini
Sep 2021Policy NoteNo 252Forging the Future of Monetary Union – taking stock and looking forwardMarkus Rodlauer, Rolf Strauch
Aug 2021Policy BriefNo 151No country is an island: International cooperation and climate changeMassimo Ferrari, Maria Sole Pagliari
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 131Investment funds, monetary policy, and the global financial cycleChristoph Kaufmann
Jul 2021Policy BriefNo 128Effects of a European Unemployment Benefit Scheme on consumption risk sharing and production efficiencyZeno Enders, David Vespermann
Jun 2021Policy BriefNo 114How to issue a privacy-preserving central bank digital currencyChristian Grothoff, Thomas Moser
Jun 2021Policy BriefNo 107Building a more effective financial safety net for poor countriesBruno Cabrillac, Luc Jacolin
Jun 2021Policy BriefNo 104The Economic Case for Global Vaccinations: An Epidemiological Model with International Production NetworksCem Çakmaklı, Selva Demiralp, Şebnem Kalemli-Özcan, Sevcan Yeşiltaş, Muhammed A. Yıldırım
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 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 BriefNo 70The impact of Covid-19 on global value chainsHeli Simola
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 50The rise of digital watchersTill Ebner, Thomas Nellen, Jörn Tenhofen
Jan 2021Policy NoteNo 220Is the 100% Reserve Reform Finally Getting Topical?Christian Pfister
Nov 2020Policy NoteNo 205Retail CBDC Remuneration: The Sign MattersChristian Pfister
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 194Home- and host-country prudential regulation and spillovers in dollar creditStefan Avdjiev, Bryan Hardy, Patrick McGuire, Goetz von Peter
Sep 2020Policy BriefNo 26Global value chains and the challenge of Covid-19Antoine Berthou, Juan Carluccio, Guillaume Gaulier
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 169Making banking integration work for better risk sharing in the eurozone: the role of cross-border banking consolidationMathias Hoffmann
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
May 2020Policy NoteNo 164Can we compare the COVID-19 and 2008 crises?Marc-Olivier Strauss-Kahn
Apr 2020Policy NoteNo 158Overview of Central Bank Digital Currency - State of PlayJohannes Duong
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
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
Dec 2019Policy NoteNo 120Investing in Europe’s Competitiveness and SustainabilityWerner Hoyer
Nov 2019Policy NoteNo 116Following “Libra” German banks say: The economy needs a programmable digital euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
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 99The euro’s global role: past, present and futureArnaud Mehl
Jul 2019Policy NoteNo 85Libra: A new competitor among international currencies?Beat Weber
Jul 2019Policy NoteNo 83Global economic governance at a crossroadsCarlo Monticelli
May 2019Policy NoteNo 71Rethinking the Trade-offs for Monetary Policy in an Era of GlobalizationEnrique Martínez-García
Mar 2019Policy NoteNo 59New Frontiers in the Euro Debate in IcelandThorsteinn Thorgeirsson
Aug 2018Policy NoteNo 4021st century cash: Central banking, technological innovation and digital currenciesFabio Panetta
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
May 2016Policy NoteNo 6Bank secrecy in offshore centres, capital flows and blacklisting: It takes two to tangoDonato Masciandaro

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