While there is now consensus that financial supervision has to focus on the aggregate (macroprudential), in addition to the individual (microprudential), there is no agreed macroprudential framework for measuring financial imbalances and applying policies to correct such imbalances. This paper focuses on these two open questions in the so-called time dimension of macroprudential policy.
The ECB is often criticised for its low interest rate policy - especially in Germany, where this is felt to be an attack on savers. However, this argument fails to recognise that real interest rates have been falling since the 1980s.
Wer ernsthaft die Bankenunion will, kommt um die EU-weite Sicherung der Sparguthaben nicht herum. Es braucht Obergrenzen, wie viele Staatsanleihen Banken halten sollen.
As the COP21 conference approaches, what are the political and economic considerations?
As four tiny Italian banks are being restructured, Italy is again looking for a “creative” approach to bank resolution, which however looks a little bit like financial repression.
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Establishing an independent competitiveness authority in each country of the euro area was a key recommendation in the Five Presidents' Report, but how could the system work in practice? This event will take place in Luxembourg, jointly organised with the Competitiveness Observatory of Luxembourg's Ministry of the Economy.
In the second half of 2014 and early 2015, international oil prices approximately halved. What have been the consequences of this sharp decline on net oil exporters, and what have been their policy responses?
Reform of Ukraine’s gas sector is under threat. The European Bank for Reconstruction and Development should step in.