Non resident scholars

Francesco Papadia

Francesco Papadia

Expertise: European Macroeconomics

Francesco Papadia was, between 1998 and 2012, Director General for Market Operations at the European Central Bank. He worked previously at the Banca d´Italia, first as Director of the International Section of the Research Department and then as deputy head of the Foreign Department. Mr Papadia has a degree in law from the University of Rome and attended postgraduate studies in Economics and Business at the Istituto Adriano Olivetti in Ancona and at the London Business School. Mr Papadia is the author of a number of publications in the fields of International Economics and Monetary Policy. While collaborating with Bruegel, the focus of his research will be on European and global macroeconomic issues, including governance questions."

Read article More on this topic

Blog Post

Giuseppe Daluiso
Francesco Papadia

Can the European Central Bank control interest rates?

The short answer is a hesitant yes, bordering with a timid no.

By: Giuseppe Daluiso and Francesco Papadia Topic: European Macroeconomics & Governance Date: July 23, 2013
Read article Download PDF More on this topic More by this author

Policy Contribution

Central bank cooperation during the great recession

Central bank cooperation during the great recession

During the Great Recession, central banks went well beyond their normal operations and provided liquidity in unlimited amounts, in foreign currency and to foreign banks. Central bank cooperation took the form of a swap network, and amounted to an episode of global monetary policy.

By: Francesco Papadia Topic: European Macroeconomics & Governance Date: June 19, 2013
Read article

Blog Post

Francesco Papadia
Giuseppe Daluiso

What is the net of good and bad news from Brussels and Washington?

The short answer is: somewhat positive. The longer, but still broad-brush, answer starts from noting that two important documents have been issued in the last few days: the In-depth reviews following the so called AMR (Alert Mechanism Report) from the European Commission and the World Economic Outlook from the IMF.

By: Francesco Papadia and Giuseppe Daluiso Topic: European Macroeconomics & Governance, Global Economics & Governance Date: April 22, 2013
Read article More on this topic

Blog Post

Francesco Papadia
Giuseppe Daluiso

Where has all the (base) money gone?

The short answer is: into the liquidity trap.

By: Francesco Papadia and Giuseppe Daluiso Topic: European Macroeconomics & Governance Date: March 27, 2013
Read article More on this topic

Blog Post

Carlos De Sousa
Francesco Papadia

Has the European Central Bank transformed itself into a hedge fund?

Some observers have accused the European Central Bank (ECB) of having transformed itself into a hedge fund because of the purchases of government securities from stressed countries under the Securities Market Program (SMP).

By: Carlos De Sousa and Francesco Papadia Topic: European Macroeconomics & Governance Date: March 8, 2013
Read article More on this topic More by this author

Blog Post

Francesco Papadia

Chart of the week - Economic convergence in the euro area: on apprend de ses erreurs

Economic commentators are rightly worried about the different activity developments between the “core” and the “ periphery” of Europe, with the former in acceptable conditions and the latter in recession. There are, however, other macroeconomic developments worth of notice, with a fairly different, and more positive, message. The charts below show on-going convergence towards balance […]

By: Francesco Papadia Topic: European Macroeconomics & Governance Date: February 4, 2013
Read article More on this topic More by this author

Blog Post

Francesco Papadia

An inexorable spiral?

Some market participants seem to consider financial support from the euro area governments, either in bilateral form or in the EFSF (and tomorrow ESM) guise, as the first step in an inexorable spiral, in which yields get higher and higher and market access is pushed further and further into the future. In short, the European […]

By: Francesco Papadia Topic: European Macroeconomics & Governance Date: February 4, 2013
Read article More on this topic

Blog Post

Francesco Papadia
Carlos De Sousa

Where did smart money go in 2012?

The short answer is: into the periphery of Europe.

By: Francesco Papadia and Carlos De Sousa Topic: European Macroeconomics & Governance Date: December 11, 2012
Read article More on this topic More by this author

Blog Post

Francesco Papadia

At last a behavioural change

With the Fiscal Compact and other institutional innovations, Europe is attempting to remedy some of the weaknesses revealed by the crisis in the governance of the euro area. Important as it is, one cannot be sure that the new institutional set-up will guarantee the avoidance of the macroeconomic mistakes that fed the crisis. It is […]

By: Francesco Papadia Topic: European Macroeconomics & Governance Date: October 25, 2012
Read article More by this author

Blog Post

Francesco Papadia

The IMF Global Financial Stability Report: Restoring Confidence and Progressing on Reforms

Financial reform is a complex business and one needs a good guide to understand what is going on in this field as a consequence of the crisis as well to understand whether we are indeed progressing towards a “safer financial system”. Chapter 3 of the IMF Global Financial Stability Report (GFSR, to be found at: […]

By: Francesco Papadia Topic: Finance & Financial Regulation, Global Economics & Governance Date: October 8, 2012