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 published | SUERF | Issue | Title | Author(s) |
Dec 2023 | Policy Brief | No 756 | Why are debtor countries hesitant to participate in debt relief initiatives? | Danny Cassimon, Dennis Essers, Andrea F. Presbitero |
Nov 2023 | Policy Brief | No 751 | Assessing the liquidity premium in the Italian bond market | Maria Ludovica Drudi, Giulio Carlo Venturi |
Nov 2023 | Policy Note | No 328 | Central banks’ endgame: a new policy paradigm | Mahmood Pradhan, Lorenzo Portelli, Tristan Perrier |
Nov 2023 | Policy Brief | No 744 | Fiscal sources of inflation risk in EMDEs: the role of the external channel | Ryan Banerjee, Valerie Boctor, Aaron Mehrotra, Fabrizio Zampolli |
Nov 2023 | Policy Brief | No 732 | Quantitative easing, accounting and prudential frameworks, and bank lending | Andrea Orame, Rodney Ramcharan, Roberto Robatto |
Nov 2023 | Policy Note | No 327 | Protect the Safe Core: Restating the Central Bank Mandate | Enrico Perotti |
Nov 2023 | Policy Brief | No 728 | Firm leverage and the low-carbon transition in Europe | Olimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova, Katia Vozian |
Nov 2023 | Policy Brief | No 722 | High Debt Levels Can Impede Monetary Policy | Luis Brandao-Marques, Marco Casiraghi, Gaston Gelos, Olamide Harrison, Gunes Kamber |
Nov 2023 | Policy Note | No 326 | Shrinking the Eurosystem’s footprint without offshoring the euro | Robert N McCauley |
Oct 2023 | Policy Brief | No 704 | Is climate policy risk priced in by European stock investors? | Philippe Loyson, Rianne Luijendijk, Sweder van Wijnbergen |
Sep 2023 | Policy Note | No 322 | Central Banks: Firefighters or Pyromaniacs in Recent Crises? | Marc-Olivier Strauss-Kahn |
Sep 2023 | Policy Note | No 320 | Leaving the eurozone but staying in the EU. Can it be done? And is it wise? | Wim Boonstra |
Sep 2023 | Policy Brief | No 680 | US Monetary Policy Spillovers To Emerging Markets: The Role of Trade Credit | Mélina London, Maéva Silvestrini |
Sep 2023 | Policy Brief | No 679 | The current Polycrisis versus the Global Financial Crisis | Marc-Olivier Strauss-Kahn |
Aug 2023 | Policy Note | No 317 | The European Commission Proposals for Reform of the Stability and Growth Pact: On the right track but not there yet | Jakob de Haan, Fabian Amtenbrink |
Aug 2023 | Policy Brief | No 657 | The climate change challenge and fiscal instruments and policies in the EU | Aris Avgousti, Francesco Caprioli, Giacomo Caracciolo, Marion Cochard, Pietro Dallari, Mar Delgado-Téllez, João Domingues, Marien Ferdinandusse, Daniela Filip, Carolin Nerlich, Doris Prammer, Katja Schmidt, Anastasia Theofilakou |
Aug 2023 | Policy Brief | No 656 | Should we bother with sovereign sustainability bonds? | Daniel C. Hardy |
Jul 2023 | Policy Brief | No 634 | 2020s vs 1970s: echoes, not a replay | Monica Defend, Vincent Mortier |
Jul 2023 | Policy Brief | No 630 | Identifying financial fragmentation in the euro area | Jan Kakes, Jan Willem van den End |
Jun 2023 | Policy Brief | No 625 | Who holds sovereign debt and why it matters | Xiang Fang, Bryan Hardy, Karen K Lewis |
Jun 2023 | Policy Brief | No 611 | Sovereign exposures of European banks - revisited | Heike Mai |
Jun 2023 | Policy Brief | No 603 | Alexandre Lamfalussy and the origins of instability in capitalist economies | Ivo Maes |
May 2023 | Policy Brief | No 595 | Don’t blame the government!? An assessment of debt forecast errors with a view to the Economic Governance Review | Alena Bachleitner, Doris Prammer |
May 2023 | Policy Brief | No 592 | Debt-for-nature swaps: a two-fold solution for environmental and debt sustainability in developing countries? | Quentin Paul, Romain Svartzman, Pierre-François Weber |
May 2023 | Policy Brief | No 591 | What to expect after “effortless” debt reduction in the euro area? | Matthias Reith |
May 2023 | Policy Brief | No 580 | Can machine learning help forecasting fiscal crises in emerging and developing countries? | Raffaele De Marchi, Alessandro Moro |
May 2023 | Policy Brief | No 579 | Do unrealised bank losses affect loan pricing? | Matjaž Volk |
May 2023 | Policy Note | No 310 | Monetary and fiscal policies as anchors of trust and stability | Agustín Carstens |
Apr 2023 | Policy Brief | No 569 | Window dressing of Regulatory Metrics: Evidence from Repo Markets | Claudio Bassi, Markus Behn, Michael Grill, Martin Waibel |
Apr 2023 | Policy Brief | No 561 | Leaning against the Global Financial Cycle | Andrea Ferrero, Maurizio Michael Habib, Livio Stracca, Fabrizio Venditti |
Mar 2023 | Policy Brief | No 556 | How prevalent are investment funds in cross-border investment? | Pınar Yeşin |
Feb 2023 | Policy Brief | No 532 | A New EU Economic Governance and Fiscal Framework: what role for the national independent fiscal institutions (IFIs)? | Daniel Daianu |
Feb 2023 | Policy Brief | No 522 | Macroprudential FX Regulations: Sacrificing Small Firms for Stability? | María Alejandra Amado |
Feb 2023 | Policy Note | No 298 | European Housing Prices: A Sticky, Gradual Decline | Sylvain Broyer, Marion Amiot, Boris S Glass, Aude Guez |
Feb 2023 | Policy Note | No 297 | Risk reduction vs risk sharing: A sticking point in the ongoing review of the EU fiscal framework? | Martin Larch, Matthias Busse, Mateja Gabrijelcic, Laszlo Jankovics, Janis Malzubris |
Jan 2023 | Policy Brief | No 511 | Eurozone Government Bond Spreads: A Tale of Different ECB Policy Regimes | Sylvester C W Eijffinger, Mary Pieterse-Bloem |
Jan 2023 | Policy Brief | No 509 | EU fiscal rules 2.0, more carrot than stick plus greenwashing? | Matthias Reith, Gunter Deuber |
Jan 2023 | Policy Brief | No 508 | Bank Competition and Bargaining over Refinancing | Marina Emiris, François Koulischer, Christophe Spaenjers |
Dec 2022 | Policy Brief | No 495 | Asset Purchases and Sovereign Risk Premia in the Euro Area during the Pandemic | Robert Blotevogel, Gergely Hudecz, Elisabetta Vangelista |
Dec 2022 | Policy Brief | No 486 | How do borrowers adjust in a household foreign currency debt crisis? | Győző Gyöngyösi, Judit Rariga, Emil Verner |
Nov 2022 | Policy Brief | No 476 | Finance in Africa 2022: Navigating the financial landscape in turbulent times | Colin Bermingham, Barbara Marchitto, Debora Revoltella |
Nov 2022 | Policy Brief | No 457 | The Certification Role of the EU-Wide Stress Testing Exercises in the Stock Market. What Can We Learn from the Stress Tests (2014-2021)? | Agha Durrani, Steven Ongena, Aurea Ponte Marques |
Oct 2022 | Policy Brief | No 437 | Is a global factor driving bond yields lately? | Mattia Girotti, Guillaume Horny, Adrian Penalver, Anna Petronevich |
Oct 2022 | Policy Brief | No 435 | Using household-level data to guide borrower-based macro-prudential policy | Gastón Andrés Giordana, Michael Heinrich Ziegelmeyer |
Sep 2022 | Policy Note | No 290 | Seven Trends That Will Shape European Power Purchase Agreements’ Path To Growth | Cristian Stet |
Sep 2022 | Policy Brief | No 432 | Objectified Housing Sales and Rent Prices in Representative Household Surveys: the Impact on Macroeconomic Statistics | M. Denisa Naidin, Sofie R. Waltl, Michael H. Ziegelmeyer |
Aug 2022 | Policy Brief | No 402 | To Announce or Not To Announce: Basic Trade-offs in Public Debt Management | Alexander Dentler, Enzo Rossi |
Aug 2022 | Policy Brief | No 394 | Flexibility in Asset Purchases: A Structural Analysis | James Costain, Galo Nuño, Carlos Thomas |
Jun 2022 | Policy Brief | No 363 | Stablecoins - DeFi, Libra and beyond | Heike Mai |
Jun 2022 | Policy Brief | No 356 | How much is too much? Assessing the non-linear relationship between debt and sovereign creditworthiness | Sanne Zwart |
Jun 2022 | Policy Brief | No 355 | Japan’s Sovereign Rating in the Post-Pandemic Era: Quo Vadis? | Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, Edmund Moshammer |
May 2022 | Policy Brief | No 338 | Mortgage debt relief after economic shocks: lessons from the pandemic | Edward Gaffney, Fergal McCann, Johannes Stroebel |
May 2022 | Policy Note | No 278 | Monitoring Narratives: an Application to the Equity Market | Pascal Blanqué, Mohamed Ben Slimane, Amina Cherief, Théo Le Guenedal, Takaya Sekine, Lauren Stagnol |
May 2022 | Policy Brief | No 326 | The impact of QE on sovereign risk | Dirk Broeders, Leo de Haan, Jan Willem van den End |
Apr 2022 | Policy Brief | No 314 | Private Debt for SMEs – Market Overview | Helmut Kraemer-Eis, Jörn Block, Antonia Botsari, Salome Gvetadze, Frank Lang, Carlos Krause, Alexandra Moritz, Anna Schulze |
Apr 2022 | Policy Brief | No 313 | From open banking to open finance | Denis Beau |
Mar 2022 | Policy Brief | No 306 | ECB Communication and its Impact on Financial Markets | Klodiana Istrefi, Florens Odendahl, Giulia Sestieri |
Mar 2022 | Policy Brief | No 305 | Is There Financial Exclusion when Official Lenders Are Considered? | María Bru Muñoz |
Mar 2022 | Policy Note | No 272 | Financing Faster Growth For Europe’s SMEs | Sylvain Broyer, Sarah Limbach, Cihan Duran |
Mar 2022 | Policy Brief | No 300 | Household saving and fiscal policy: Evidence for the euro area from a thick modelling perspective | Cristina Checherita-Westphal, Marcel Stechert |
Mar 2022 | Policy Brief | No 286 | Private and Public Debt: Some Implications on Economic Growth | Patrizio Morganti |
Feb 2022 | Policy Brief | No 281 | GDP-linked bonds and the fear of ambiguity | Deniz Igan, Taehoon Kim, Antoine Levy |
Dec 2021 | Policy Note | No 261 | Mortgage and real estate markets: Current developments pose risks to financial stability | Fritz Zurbrügg |
Dec 2021 | Policy Brief | No 245 | How to set Cyclical and Structural capital buffers via Stress tests? A Risk-to-Buffer approach | Cyril Couaillier, Valerio Scalone |
Nov 2021 | Policy Brief | No 233 | Caveat Emptor | José María Roldán |
Oct 2021 | Policy Brief | No 207 | The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital Controls | Philippe Bacchetta, Rachel Cordonier, Ouarda Merrouche |
Oct 2021 | Policy Brief | No 206 | Cost-Benefit Analysis of Borrower-Based Measures in Slovakia | Martin Cesnak, Ján Klacso, Roman Vasiľ |
Oct 2021 | Policy Brief | No 203 | The reform of the EU’s fiscal governance framework in a new macroeconomic environment | Mario Alloza, Javier Andrés, Pablo Burriel, Iván Kataryniuk, Javier J. Pérez, Juan Luis Vega |
Oct 2021 | Policy Brief | No 202 | Revisiting the link between government debt and sovereign interest rates in the euro area | Stéphanie Pamies, Nicolas Carnot, Anda Pătărău |
Oct 2021 | Policy Brief | No 200 | The highly heterogeneous impact of the Covid-19 crisis on French firms | Benjamin Bureau, Anne Duquerroy, Julien Giorgi, Mathias Lé, Suzanne Scott, Frédéric Vinas |
Oct 2021 | Policy Brief | No 193 | The effect of Eurosystem asset purchase programmes on euro area sovereign bond yields during the COVID-19 pandemic | George Hondroyiannis, Dimitrios Papaoikonomou |
Oct 2021 | Policy Note | No 257 | Systemic Implications of the Bail-in Design: A Precis of our Main Text | J. Doyne Farmer, Charles Goodhart, Alissa M. Kleinnijenhuis |
Sep 2021 | Policy Brief | No 187 | Can policy boost the international role of currencies? Lessons from international trade invoicing | Georgios Georgiadis, Helena Le Mezo, Arnaud Mehl, Cédric Tille |
Sep 2021 | Policy Brief | No 182 | The FX Global Code | Guy Debelle |
Sep 2021 | Policy Brief | No 175 | The Liquidity of the Government Bond Market – What Impact Does Quantitative Easing Have? Evidence from Sweden | Marianna Blix Grimaldi, Alberto Crosta, Dong Zhang |
Aug 2021 | Policy Brief | No 164 | Banks Fearing the Drought? Liquidity Hoarding as a Response to Idiosyncratic Interbank Funding Dry-Ups | Helge C.N. Littke, Matias Ossandon Busch |
Aug 2021 | Policy Note | No 251 | Green Liquidity Moves Mainstream | Patrick Drury Byrne, Sandeep Chana and Sylvain Broyer |
Aug 2021 | Policy Brief | No 146 | Digital payments and European sovereignty | Burkhard Balz |
Aug 2021 | Policy Note | No 250 | Roads for the future: Central Bank Digital Currency (CBDC) and Innovative Payments | François Villeroy de Galhau |
Jul 2021 | Policy Brief | No 132 | Euro area portfolio flows in 2020: the impact of the Covid-19 crisis | Julia Schmidt, Olivier Sirello |
Jul 2021 | Policy Brief | No 125 | Monetary policy surprises trigger different responses in the housing market across European regions | Winfried Koeniger, Benedikt Lennartz, Marc-Antoine Ramelet |
Jul 2021 | Policy Brief | No 120 | What is the true resilience of our financial systems to climate change with the buffers we currently have? | Alejandro Díaz de León |
Jun 2021 | Policy Brief | No 116 | The euro area sovereign debt markets in the crisis: role and impact on financial stability perspectives | Denis Beau |
Jun 2021 | Policy Brief | No 103 | A bigger house at the cost of an empty fridge? The effect of households’ indebtedness on their consumption: Micro-evidence using Belgian HFCS data | Philip Du Caju, Guillaume Périlleux, François Rycx, Ilan Tojerow |
Jun 2021 | Policy Note | No 244 | External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging Markets | Abdullah Kazdal, Muhammed Hasan Yılmaz |
Jun 2021 | Policy Brief | No 99 | Stress-testing CESEE borrowers in the light of the COVID-19 pandemic | Aleksandra Riedl |
May 2021 | Policy Brief | No 93 | Set-up costs and the financing of young firms | François Derrien, Jean-Stéphane Mésonnier, Guillaume Vuillemey |
May 2021 | Policy Brief | No 91 | Low Interest Rates and the Distribution of Household Debt | Marina Emiris, François Koulischer |
May 2021 | Policy Note | No 239 | How to prevent a too restrictive fiscal policy in Europe? | Wim Boonstra |
May 2021 | Policy Note | No 238 | Monetary and Fiscal Policy: Privileged powers, entwined responsibilities | Claudio Borio and Piti Disyatat |
May 2021 | Policy Brief | No 90 | SPACs (special purpose acquisition companies) | Mario Hübler, Jakob Hanzl, Christoph Prenner |
May 2021 | Policy Brief | No 88 | Strengthening the international role of the euro | Gergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe |
May 2021 | Policy Brief | No 85 | Navigating the Digital Transition, Maintaining a Stable Payment System | Denis Beau |
Apr 2021 | Policy Brief | No 81 | How the Capital Markets Union can help Europe avoid a liquidity trap | Sylvain Broyer |
Apr 2021 | Policy Brief | No 78 | Not all debt is bank debt: Nonbank borrowing in Central, Eastern and Southeastern Europe | Katharina Allinger, Elisabeth Beckmann |
Apr 2021 | Policy Brief | No 77 | Smoke and Mirrors: On cancelling public debts held by the Eurosystem | Jef Boeckx and Xavier Debrun |
Apr 2021 | Policy Brief | No 75 | Europe: the shock of Covid-19 and the fear of accelerated zombification | Hélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef |
Apr 2021 | Policy Brief | No 65 | EMU deepening and sovereign debt spreads: using political space to achieve policy space | Iván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez |
Apr 2021 | Policy Brief | No 63 | The role of fiscal policies in the Covid-19 crisis: scope and limitations | Niels Thygesen |
Apr 2021 | Policy Note | No 229 | Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: looking-through investment funds | Daniel Carvalho, Martin Schmitz |
Mar 2021 | Policy Brief | No 58 | Next Generation EU: can we do better? | Lorenzo Codogno, Paul van den Noord |
Mar 2021 | Policy Brief | No 55 | Debt cancellation by the ECB: Does it make a difference? | Paul de Grauwe |
Mar 2021 | Policy Brief | No 53 | Who has purchased euro area debt since the start of the health crisis? | Olivier Sirello |
Jan 2021 | Policy Brief | No 41 | Is inflation dead or hibernating? | Claudio Borio |
Jan 2021 | Policy Note | No 220 | Is the 100% Reserve Reform Finally Getting Topical? | Christian Pfister |
Jan 2021 | Policy Note | No 218 | Interest rate-growth differentials on government debt: an empirical investigation for the euro area | Cristina Checherita-Westphal and João Domingues Semeano |
Dec 2020 | Policy Note | No 215 | Consequences for banks’ business from COVID-19 and policy responses | Francesco Mazzaferro |
Nov 2020 | Policy Note | No 209 | Are equity markets currently overvalued? The role of the time horizon in earnings expectations | Roberto Blanco and Irene Roibás |
Nov 2020 | Policy Note | No 208 | The world economy under Covid-19: Can emerging market economies keep the engine running? | Kristel Buysse, Dennis Essers |
Oct 2020 | Policy Note | No 201 | Central banks’ response to the “tragedy on the horizon” | François Villeroy de Galhau |
Oct 2020 | Policy Note | No 198 | The shadow of fiscal dominance: Misconceptions, perceptions and perspectives | Isabel Schnabel |
Oct 2020 | Policy Note | No 197 | The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival | C.A.E. Goodhart, Manoj Pradhan |
Sep 2020 | Policy Brief | No 28 | Limits and pitfalls of QE in emerging markets | Daniel Daianu |
Aug 2020 | Policy Brief | No 24 | The big debt surge | Ralph Solveen |
Aug 2020 | Policy Brief | No 23 | Eurozone in times of Covid-19: Debt monetisation by stealth | Peter Vanden Houte |
Aug 2020 | Policy Brief | No 22 | Radical Uncertainty | John Kay |
Jul 2020 | Policy Brief | No 21 | How effective are bank levies in reducing leverage given the debt bias of corporate income taxation? | Franziska Bremus, Kirsten Schmidt, Lena Tonzer |
Jul 2020 | Policy Note | No 181 | A sensible fiscal policy for the sharp rise in government debt | Forrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood |
Jun 2020 | Policy Note | No 176 | Credit Guarantees in the COVID-19 crisis – Relevance and Economic Impact | Julien Brault, Simone Signore |
Jun 2020 | Policy Note | No 173 | A first look at fiscal dynamics in the Euro area after COVID-19: the case for a shift in the fiscal governance system | Marco Protopapa |
Jun 2020 | Policy Brief | No 15 | There is nothing magic in central bank money | Jean Barthélemy, Adrian Penalver |
May 2020 | Policy Brief | No 11 | Simulating the distributive effects of the Macron-Merkel Recovery Fund | Friedrich Heinemann |
May 2020 | Policy Brief | No 9 | ECB needs to finance Corona budget deficits | Paul De Grauwe |
May 2020 | Policy Note | No 162 | How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term context | Elga Bartsch, Jean Boivin, Philipp Hildebrand |
Apr 2020 | Policy Brief | No 4 | How the economy will recover from the Corona shock | Jörg Krämer and Bernd Weidensteiner |
Apr 2020 | Policy Note | No 156 | Navigation tools in the semi-normal corona era | Andy Langenkamp |
Apr 2020 | Policy Note | No 157 | The search for the right European Financing Instruments in the Corona Pandemic - ESM Liquidity Assistance versus Corona Bonds | Friedrich Heinemann |
Apr 2020 | Policy Note | No 148 | Reflections on the health and financial crisis | Jacques de Larosière |
Apr 2020 | Policy Note | No 147 | Does It Fit? Tweeting on Monetary Policy and Central Bank Communication | Donato Masciandaro, Davide Romelli, Gaia Rubera |
Feb 2020 | Policy Note | No 132 | The European Banking Union | Margarita Delgado |
Jan 2020 | Policy Note | No 127 | Europe’s role in the global financial system | Luis de Guindos |
Nov 2019 | Policy Note | No 111 | Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvre | Karsten Wendorff |
Nov 2019 | Policy Note | No 110 | Towards a European Governance Framework for Cryptoassets | Jason Grant Allen, Rosa María Lastra |
Oct 2019 | Policy Note | No 109 | The rise of central banks as sovereign debt holders: Implications for investor bases | Alvise Lennkh, Bernhard Bartels, Thibault Vasse |
Sep 2019 | Policy Note | No 96 | Reconciling risk sharing with market discipline: A constructive approach to euro area reform | Isabel Schnabel |
Sep 2019 | Policy Note | No 94 | Escaping the Trap: Secular Stagnation, Monetary Policy and Financial Fragility | Martin Wolf |
Aug 2019 | Policy Note | No 88 | Mitigating Fiscal Risks from the Financial Sector | Ludger Schuknecht |
Mar 2019 | Policy Note | No 60 | Fiscal Rules | Vitor Gaspar, David Amaglobeli |
Jan 2019 | Policy Note | No 51 | Africa needs investments beyond its pockets of growth | Olivier de Boysson, Clément Gillet |
Nov 2018 | Policy Note | No 46 | Global financial vulnerabilities: Get ready for a bumpy ride | Claudio Borio |
Oct 2018 | Policy Note | No 44 | A Financial Union for the Euro Area | Poul M. Thomsen |
Sep 2018 | Policy Note | No 42 | Preserving regulatory certainty: The review of insurers’ capital requirements | Gabriel Bernardino |
Sep 2018 | Policy Note | No 41 | Central banks should reflect climate risks in monetary policy operations | Pierre Monnin |
May 2018 | Policy Note | No 35 | Strengthening the euro area Architecture: A proposal for Purple bonds | Lorenzo Bini Smaghi, Michala Marcussen |
May 2018 | Policy Note | No 34 | Modern financial repression in the euro area crisis: making high public debt sustainable? | Ad van Riet |
Mar 2018 | Policy Note | No 28 | Credit conditions and corporate investment in Europe | Laurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher |
Jan 2018 | Policy Note | No 23 | The occasional importance of the current account in an era of a global savings glut | Jesper Berg, Steffen Lind |
Nov 2017 | Policy Note | No 21 | Risk sharing in EMU: key insights from a literature review | Demosthenes Ioannou, David Schäfer |
May 2017 | Policy Note | No 12 | (No) worries about the new shape of international capital flows | Matthieu Bussiére, Julia Schmidt, Natacha Valla |
Jan 2017 | Policy Note | No 10 | Bail-ins: Issues of Credibility and Contagion | Clas Wihlborg |
May 2016 | Policy Note | No 7 | Ten Myths in the Brexit Debate | David T. Llewellyn |
Sep 2015 | Policy Note | No 1 | What is money and who says so? | Peter R. Fisher |